Last week belonged to Mercury.The markets moved on utterings from the Central Bankers. But let us remember that all such honey and milk offerings are being made when Mercury is retrograde. This means when Mercury is direct, the very same statements will be dramatically corrected.Reviewing that which has been communicated, is a key trait of Mercury retrograde.
Mercury will be direct on August 08th and will enter the first house of Nifty Futures on August 24. That should be an interesting period of time! Meanwhile the markets are tantalizingly poised...
Nifty did not pierce the 5256-5268 time band, thereby implying considerable underlying weakness in the impulse structure which took shape as C from 4770.While 1 of C topped out at 5348, 2 of C which initially looked like it will be a clean corrective abc wave formation, seems to have lost its form in the current b segment. It looks like it will turn into a triangle and then according to NeoWave, this may become a terminal impulse. That means later part of the month, we may see Nifty piercing 5000 levels as well?
Let us look at the daily charts...
Iam still hoping that the structure recovers, Nifty moves to b by around 10/13 August and then turns down into a c which bottoms out on August 17..For that 5000 levels should hold If not then the turn from b will take us to 4700 levels.The monthly chart also does not inspire much confidence...But the FIIs seem to be investing. Probably the other regional indices are worse off!
And now to the astro charts..
With so much of green around, Nifty may move higher till August 08. By August 09 and 10, there could be some profit taking and not a sell off.Probably we may touch or slightly penetrate the 5256- 5268 levels and turn down next week.
Whatever it is, please wait for the real time indicators to show their hand before taking any positions.
Have a wonderful and safe trading week!