Thursday, 14 February 2013

Are we heading for huge fall ???

Last week we got rising wedge breakout in nifty. I marked my preferred count (Orange) in chart above. Assuming that third wave got finished at 5897 , 61.8% retracement comes around 5840 which is also support area ( neckline).  5850-5840 is a area where i expect 5th wave to finish.

  I have also marked a huge Head and Shoulder pattern in the above chart.  If symmetrical Head and Shoulder pattern is in formation bounce upto 5970-5990 can come ( Right Shoulder).

  High volume break of 5840 , nifty will target