Thursday, May 30, 2013

Astro Technicals May 30 2013

Nifty is likely tracing out a big irregular flat, with a strong B Wave.Wave A  of the down move from 6111.80  had ended on April 10 at 5477.20. Thereafter   we had begun wave B.  Wave A of the wave B had ended on May 20 at 6229.45.After that we are in wave b of B.This should end either today or tomorrow, possibly at 6054 or 6039. We should then see wave c of B upwards. This ought to top out around 6200 levels, possibly between June 08 to June 15, more likely towards the latter date.
If Nifty closes below 6038, then we assume a longer c of B is being traced out and then the support could be around 5925, on the 1x8 line as shown above.
Of course, we only follow Nifty, even though we crane our necks to try and fathom where in God's name she really is wanting to go! To prevent hurts, we resort to stop losses of course.


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