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Head Shoulder Broken on Daily Chart, also traded below 200 dma not a good news for Bulls. As expected and wrote Yesterday Nifty did not recover. Morning Gain Lost in the later part of the trade does not look good for bulls. Lets also see what Hourly chart suggest.
>>> NIFTY - HOURLY <<<
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Nifty Hourly Chart Suggest the Ongoing Wave C has retraced almost 161.8% of Wave A. Means todays fall is the C(5) of Wave or Lets say it as a Last leg of fall. So certainly 5656 is Very Important.
>> Whats Next on Nifty <<
So I was keep on saying about Bulls entry for last 2 days along with Head and Shoulder in Daily Chart also. So many got confused and asking me, Since Head and Shoulder is Broken How can I say that Nifty may Bounce form here...So here the is the Answer.
As Nifty Broken Head and Shoulder - I agree Nifty is on the grip of Bear, But Nifty need to bounce one more time aggressively as a corrective Upmove.
I see this ongoing move as a FLAT CORERCTION AS 3-3-5.
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The Logic of this FLAT CORRECTION is Wave B Should Terminate the Beginning of Wave A, as Nifty broken 5665 and made a low of 5648. Also 2 waves have gone as 3 - 3 and Wave C should go up in the form of 1-5
Since tomorrow is Friday and end of the Week, its important to close above 5656 or 5665 to give effect for this pattern. Lets wait and see Interesting Friday.!!! Cheers!!!
