Tuesday, 19 February 2013

Are we heading for huge fall ? - Update 1

Traditional technical analysis view:

As discussed in my last post Nifty finished 5th wave at 5954. Coming back to Head and shoulder pattern resistance come around 5970-5990 zone which is also home to 50% retracement of entire fall from 6112 – 5854.  Trend line resistance comes around 5970.  Reversal from this zone will confirm symmetric head and shoulder pattern. 

Elliot Wave View: 

Probable target of wave C is 5954. If we are having extended wave C then it can reach up 5975(1.618 %) to 5981(1.70%) which is also in line with symmetric HNS pattern view.  

 I will post my updated view when I see this setup is going to fail.. SL for long should be 5910.


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  1. Dear Sir,

    What is the probable target for Nifty in downside??? pls reply.

  2. Nice charting PT
    @ abhay ... as of now 5920 is hurdle for short term then 5970 strong resistance and 5825 is support if breach we can see downfall till 5650-5700.
    Intraday Nifty Levels