Analysis : Anticipation for next 2-3 weeks.
Weekly wave chart
updated till 11/04/2014
1. The
wave (g) of a Diametric pattern (which started from 5118.85) is in progress.
2. The clarity about pattern inside wave (g) is less. It may be Complex corrective pattern
(Zigzag –X- some corrective pattern) OR Diametric.
3.
The
6845-6855 area on Nifty cash is crucial
resistance area. If Complex corrective pattern is unfolding inside wave (g) then
index should not move above
6855.
4. In case,
if Nifty cash crosses above
6855 then Complex
corrective pattern
is negated and Double Zigzag
becomes the possibility. In this case, the index may make top somewhere below 7180.
5. The
uptrend in Nifty cash is intact till 6650 is not breached.
Weekly
roadmap for Nifty cash
Conclusion
1. The
important levels to watch during
next week are 6650 and 6855.
2. The breach below 6650 will indicate that the top is in place (whatever
new top that is made below
6855).
3. The decisive
breach above 6855 may push
Nifty cash towards 7180 levels.
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