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Monday, March 5, 2012

Nifty :Chances of a new high.

Now the down move touch of 5238 as expected in the below post is done. So I think next will be a very fast UP MOVE. If you see the chart below we touched 38.2% retracement. We  also have a Wolfe wave RED line target there.

Now another reason i was confident of a touch of the lower bollinger band in the daily chart is another ANALOG I  found from 2010. And this is the reason I am confident that we go up very fast ; perhaps even make a new high.

After a good rise in September 2010, without even touching the mid bollinger band similar to what nifty did in January , Nifty did a complex correction to touch the lower bollinger band. After that , it just flew off to make a new high.

I think this time too the pattern will be replicated  , and Nifty should touch OLD highs atleast if not cross it.

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