Tuesday, September 11, 2012

Nifty September 10,2012-Interesting trendlines

Nifty is in the process of tracing a leg of impulse wave 5 of C of diametric D, which had started from December 20, 2011.
As per Neo Wave, leg b has great probability of touching 2-4 trend line in the coming days.There could even be a break of the trend line.Assuming the same angle of ascension, between lowest point of 2 and top of 3,we look at a probability of c ( and therefore the top of 5) at around 5525.Since the first leg of retracement should take the same time or similar time as taken by Nifty to move from 4 to 5, we have the retracement line as shown, returning to 5217...
If wave b deepens, then the classic 2-4 trend line may come into play...
All look as interesting possibilities.Looks like the Fed announcement of September 12 may cause initial euphoria followed by a reality check... 

Here are the preferred counts as of now:

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