Conclusion:
1. The Nifty cash seems to be unfolding Diametric pattern from the lows of 4588.05 (made during
the month of January 2012) and currently is in wave (G) of this Diametric pattern. The above
chart shows the move onwards from the end of wave (F) only.
2. The wave (G) of above mentioned Diametric pattern may be unfolding as “Double Combination”
pattern consisting of Diametric and some other corrective pattern (expected is Flat or Contracting
Triangle).
3. In “Double Combination” pattern, the second corrective pattern generally relates to first by 61.8%
or 100% in price and time. Kindly note; price wise; the second pattern has already reached 100%
of first. Time wise, the 61.8% and 100% completes around 13th June and 4th July 2014.
4. Currently, the Nifty cash is in wave (a) of second corrective pattern. The completion of wave (a)
may open index for down move as wave (b). The probability is high that wave (b) may retrace
more than 61.8% of wave (a) and may take support on lower channel line. The wave (a) starts
from 6638.55 and is yet to end. The breach below 7193 will confirm the completion of wave (a).
5. In short, the Nifty cash is expected to move sideways till 13th June or may extend till 4th July
2014. The range of sideways movement may be between 7500 and 6900.
--nitin sir
No comments:
Post a Comment