Currently it is in "b".Our interest is to know whether we have a flat formation here. So in this "b" leg, we must see an abc and also to know how far Nifty will travel.Minimum distance b wave has to travel is upto 7905. But " b" also can travel beyond the beginning of "a" ( 7972).If one is long, then 7905 becomes crucial. If Nifty reverses from 7905, then we can go short at 7905. "c" should start downwards. In fact the size of b will tell us, what will be the next move...
3 comments:
Dear Sureshji,
looking at chart , you are expecting c to go downwards below 7796 ( lowmade yday ), looking at fibo ratios i mentioned yday in comment section and move seen today while making intraday top of 7928 so far,we can see clear 5 sub waves of move from 7796 to 7928 and it has retraced by 76.4% also at today's low so far at 7826. so is it possible that c shown at 7832 actually ended at 7796 yday?
Dear Pankaj,
I have replied by way of a post.Please see.
down ward movement from 8180 to 7724. i think it is ABC formation.
8180 to 7925 A
7925 to 8160 B
8160 to 7724 C
in C
8160 to 7724 in abc x abc
more over, 7422 to 8180 is 758
8180 to 7724 is 456 points which is around 61.8%
if we compare US markets, they topped out when we made lower top at 8160 after 8180 top.US markets seems to be bottoming out.so i feel at least from here on wards we may move up rather than down.
Pankaj Shah -
chart sent to u in google hang out.
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