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Thursday, July 14, 2011

NIFTY Updates

We did do a very good bounce . The lines i drew yesterday were all sliced through . Only that the DOWNMOVE began soon after . The indicators like CCI(14) and Stochastics(14,3) are still to enter OVERSOLD territory . And so I expect a deep fall. The pink channel that i drew ( POST below) was broken . So we will draw a new channel. With todays upmove , total  retracement was almost 61.8% of the previous fall.
So I assume that we have begun the next DOWN MOVE which will take us below the previous PIVOT low of  5497.

The WOLFE WAVE target is shown by the RED line . Green dashed lines represent NEW new CHANNEL

5-min chart below. The GAP which I thought was 5601 was actually at 5616. Thats the same RED Wolfe wave line. Target atleast 5500.

3rd chart. Though I like 50% retracement target 5468 . Though the last low 5490 might provide considerable support . With QE3 definetely NOT NOW, we might have a chance at 5415.Lets see how hard it FALLs tomorrow.

Have FUN Shorting.

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