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Friday, August 5, 2011

Nifty BROKEN MAJOR channel support line of the last 1 and half years today . That RED line has broken and when Nifty bounced off the lows today , it just managed to touched that broken support line and went down a bit. Although a HAMMER is formed i dont see any uptrend here .  I see 2 more down days for a target of 5000 area.

4970 is the best support i see.The levels and channel supports can be seen below:

the fibo levels are playing well. 2 good targets are 5031 and 4960. I see some good  bounce towards 5300 level only after that.

ELLIOT WAVES:: From whats going around it feels that we are going far lower than 4800. This is the count that I prefer

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