Tuesday, July 16, 2013



This week end, I found some interesting pattern formation in Nifty chart. May be it is a presumption, but I feel Nifty is making this formation. I sent this chart to few people where they said, we need to look for nifty moment in few days which may confirm with price action.

After two days of trading, it looks nifty is moving in the same pattern.This week could be a good day to give clear picture of how Nifty is going to move. If at all this is how Nifty is going to make moves in coming days, we may see very narrow range of trading in coming days with indecisive moves.

Here is todays chart with same view. I tried to look at the

If we look at the EW labeling for the current fall where it started at high point 6229.45.
It looks like the fall from 6229.45 is having 5 subwaves and the current upmove is just corrective rally with three waves.It looks nifty started moving down today. Tomorrows/this weeks action may confirm clearly how market is going to trend.

Few interesting points to note here are. If the wave count we are taking is correct then, the high made few days ago at 6038 is approximately 70.70% of previous fall from highs of 6229.45 to 5566.

While waves unfolding and price action represents we may get very clear picture on Nifty.

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