Wednesday, May 15, 2013

New High - Whats Next ???

Dear All,

>Click the chart to see on full screen<

Yes, Everything changed for me due to this rally. Earlier assumed as ongoing rally as wave (x) or 4th wave is making a doubt zig zag, but today break above previous high and resistance confirmed it as 5th wave rally.

So why this happened ???

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The fall happened on Monday was the end of sub wave (iv) as it was a 'Running Flat' Correction. As shown on chart 5970 gave support and hence a strong rally emerged for last leg of Upmove as 5th wave. Usually a 'Running Flat' is an indication of a Strong Market.

>Click the chart to see on full screen<

Nifty inside a channel - if crossed may test resistance like 6193 and 6246. Lets See.