As I said on Last Friday - break below 5172 fall can be there.Refer Friday Post. But today we will find out Is there any way still Open for Bulls, Yes there is!!! as per chart attached above its still sw(5)(2) is on like abc-x-abc-x-abc. Two possibilities in this count. 1) sw(2) is completed and sw(3) started or (c) of (5) is still left. as marked with arrow. If 5330 broken then sw(3) is confirmed up move continuous else a fall to complete (c) and upmove to start as marked with chart. Counts become Negated if Breaks below 5172.
Daily Chart shows there is a Possible Flag formation. 200dma & 38.2% Retracement may give support next week. Bulls should break above the channel for a strong upmove. Lets wait!!!
The recent significant low was 4531.From there,if we count waves,4531-4800,4800-4588,4588-5629 are waves 1,2 and 3 in that order.This is my point of view.As per my calculations,wave 4th of the bigger ONE is still going on or,perhaps,we have seen the completion of the wave 4th.Now wave 5 will take Nifty to at least 5629 or even higher.Perhaps,I am wrong.Can you please explain your counts with a chart.Please.Though this is my first comment,I have been following you and your analysis is really wonderful.
ReplyDeleteThere are 2 Alternative counts:-
ReplyDeleteFirst one is as u said sw(4) is going on - its A-B-C
Second possibility is sw(5)(2) is going as i have mentioned in the above on "any thing left for bull". sw(2) can retrace 100% till 5171 which is sw(5)(1) bottom. If this is not broken then sw(5) views not get truncated. If broken then we shall move into sw(4).
I am discussing every day both the alternative counts as you know.
Hope You got it clear
Regards - Krish