Its again Friday tomorrow - Here we get ready to Go Again - Up or Down ??? Why tomorrow is Important to that much Extened ??? Because of SBI & Tata Steel Results to be announced. Also if Weekly close was below 4950 which is an Important Golden Ratio of 61.8% means the entire Scenario may turn Bearish. Political Chaos in Greece followed by Banking Panic, Raising Bond Value in Spain & Italy also increasing the Nervous of the Investors world wide. All these are Heavily Impacting on Asian Currencies - Particularly INR, Pushing our Equity Market under Heavy Pressure. Widening Physical Deficit, Raising Crude Prices followed by Uncontrolled Inflation - Poorer than Expected Domestic Corporate Results - Negative GDP Ratio - all are raising questions about the Stability in Our Indian Economy. Where is our Indian Economy - Are We still in Slow Down or Below than that Like Recession ???? Policy Makers says that the Problems Persist world wide ???? Is it True ???
So In a Situation Like this how to asses a Chart Technically - Should agree that its really tuff when Charts are correcting in a Double zig zage with most complex corrections with many Extension waves. I must worry for hitting SL for the Second Day also in Nifty. Yesterday Nifty hit SL in Just 5 Pts and Went Up today morning in the Opening Trade itself to hit near to the Target 4922.
Now as I have marked - If i am not wrong on my count - Nifty has started its Upward Journey and have completed (i) and (ii) as market on chart - seems like it should break above the (green and White Lines )channel for a good Upmove tomorrow. A weekly close above 4950 or 5000 should be seen as a Bull move and Nifty should see a good short covering Next week.
On the Contrary if Nifty unable to sustain above 4837 (yesterday's Low ) or 4800 then Entire count should be Invalid and Nifty may start dripping down more deeply.
Bulls or Bear Lets see!!!
