Bottom Line: Nifty had a strong Gap up
opening and sustaining it so far above the previous high of 8535. This is
indicating that wave (iii) of v is probably extending and the current up move
is still intact as the low of 8430 was protected. Avoid creating short positions
as prices can now move towards the target levels of 1.618 * (i) which is near
8770. If prices again move back below 8535 then this entire wave v will become
Ending diagonal.
Either ways
the trend for now is positive. GDP data and RBI policy due next week can result
into short term volatility. Trade with strict stoploss of 8500!
Nifty 60 mins
chart:
For daily update on Nifty and stock using technicals and Elliott wave research report subscribe to "The Financial Waves short term update". Visit http://www.wavesstrategy.com/index.php/store.html
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Ashish, how can v (starting at 8350) be longer than iii (8365-7985 )? think this dosent go beyond 8660..
ReplyDeleteWave iii is larger than wave i so wave v can be longer than wave iii as wave iii cannot be the shortest but can be shorter than one of the waves i or wave v.
ReplyDelete