Monday, July 06, 2015

Resistance @ 8575 & 8680.

Dear All,

Today we are discussion a Two Alternatives on Nifty Hourly Chart. As per our previous updates - After Nifty Crossed above 8430 - Pattern and counts also changed. So as far as the current trend - still we have some more rally left. Since I feel that the rally is for Wave (X) or as Wave (b) - Stocks are not going to perform - and no doubt - You can witness a good volatile and choppiness also.

Today when all the world markets are bleeding - Our Index able to close on a positive zone. If you want to know why ??? Here is the reason given below as chart. Both the Alternative are singing a Bearish Tone Only. Lets See how it works.

>>> Nifty Hourly Chart - First Alternative <<<

>>> Click the chart to see on full screen <<<

First Alternative - Counted as ABC for Wave X. In such a case - Price on the last leg of Wave C.

>>> Nifty Hourly Chart - Second Alternative <<<

>>> Click the chart to see on full screen <<<

Second Alternative - Price moving up for Wave B. In such a case - Price on the last leg of Wave B.

Both the scenario looks for a Bearish move, almost near the last leg of upmove. Above charts don't recommend any short now, as the rally may extend a bit more. Cheers!!!