Tuesday, August 21, 2012

Nifty above 5386 ?

>> click the chart to see it on full screen <<

Nifty Moved and closed above 5386 as this is the level I was mentioning earlier in this blog several times. It seems like the trend is getting reverse in favour of Bulls.

At the same time - when the count says that the 5th wave of Last C leg is getting completed as marked on chart. As the upmove was like ABC - C almost retraced 127% of wave A at 5437 and 5th Leg of C wave has retraced upto 61.8% of entire three wave at 5428 as marked on chart as Resistance.

Since the MACD, RSI and most of the Other Indicators signalling a Negative outlook - I suspect these Pattern wise Break out may be a False one unless Nifty can able to close above 5386 for 1-2 days.

Lets wait for more clarity, as I assume that this is a No Trade or No Deciding Zone. Cheers!!!