Nifty made a strong upmove with good breadth and moderate volumes.This should be the wave5 daily targetting 5400+ in this rally.Important points for today.
1.Nifty upmove by 1.5% with 4.5 breadth.
2.38th day of rally from Feb6th.
Wave5 on daily should not be extended wave since Wave3 was extended wave.Till today Wave5 is 142 points.Since Wave1 was 250 points, So Wave5 could potentially stop at about 200-250 points.The Kind of correction after Wave5 is not clear.There are two(3) options that look likely.
i) We take a weekly correction of about 100 points or so and then continue with the rally.
ii)Take a bigger correction of 150-200 points on weekly and continue the rally.
iii) Another option is that this is the bull market top of rally since March09.
I would like to look for weekly behaviour to judge Nifty's Move.
No comments:
Post a Comment