Monday, July 02, 2012

Nifty on a Raising Wedge

Yes, Nifty Clearly Travelling Inside a Raising Wedge. Since i feel this upmove is Corrective ABC in Nature - Bulls need to worry a Lot. Added with Lot of Negative Divergence shows that Bear may ENTER any time.

Today Nifty has exactly done 61.8% retrace @ 5301.7 (Please refer Eod chart on Weekly Review posted on Saturday) of Previous fall from 5630 to 4770. To be noted here that today Nifty can't close above 5280 which is sw3(2) of previous fall as marked on Chart. Finally today Move also inside a Minor raising wedge which I feel is sw(c) as it is 1-5 in nature.

Now If Nifty breaks 5250 then a fall upto 5154-60, which is the bottom of the raising wedge. If Nifty able to trade above 5301 & 5342 then it can travel upto 5446 which is 78.6% retrace.

So Lot of Action Left for tomorrow - Lets wait and See - Cheers!!!