Tuesday, August 4, 2009

Rally continues but with slow momentum

The momentum is slowing down but we still have wave (3) and wave (5) of [5] to complete
We are looking at around 17000 for the rally from March to complete
Volumes are low and rally is loosing steam are all signs of 5th wave in progression
One can go long with strict stop loss at 15000. The best of rally is behind us
Nifty should have a target of 5100
The only concern is Dollar index (DXY) looks to be forming a bottom near 77 range
Reversal in dollar will pull down commodities and that will have adverse effects on global equity markets

No comments:

Post a Comment