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Thursday, September 8, 2011

NIFTY Updates

All the short term oscillators are overbought. Even daily indicators are overbought. After the target of 4930 was nearly reached in the last fall , Nifty has done good up move.50 % retracement of the last wave is 5211. Huge cluster of resistances here. We would be lucky to reach 5230. And even luckier to cross it and fill that GAP. Rising wedge seen. Even if I dont go SHORT here, I wont go LONG here.

The count I am following . [ii] was a complex correction. So expecting this to be simple abc zig-zag. and it has turned out that way.

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