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Monday, May 16, 2011

Nifty down expected yesterday( see yesterdays Post ) . Didnt touch the trend line but its very close . Should touch it tommorow. And then we head back up . This is the point I am less than less sure than the previous two forecasts.

Do we touch that intersection point of green and pink line with the dashed orange channel line . Or do we head UP a bit more to touch that blue upper channel line to complete that "e " wave . Most probably we HIT that intersection point at 5570 tommorrow and head back down to do the 5th wave . We will get answer soon.

Technicals oversold in short  term  charts . So expecting up move tomorrow , but first we touch that trend line at around 5480 and then head back up to complete the 4th wave .

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