Last Post concluded a probable breach of 200dma and the Channel break . Now what lies further in Short Term is analyzed in the charts below -
1. Monthly ,Weekly and Daily Charts ( Indicators ,Trendlines, Moving Averages ) :
2. Elliott Wave Analysis :
3. Fibonacci Extension Targets :
4. Liquidity : ( FII Data and Rupee Movement ) :
5. Option Data :
6. Wolfe Wave Pattern :
7. Volume Profile ( 10d ) :
1. Trend is firmly UP in all Time Frames . No use going against the Trend .
2. A Near Term Top may come this week in 5385-5450 range apprx. ( Fibo. and EW Channel top )
3. Correction may be limited to 5200-5150 level only in the near term. ( Option data ,200dma ,Channel Top retrace in weekly ,daily )
4. Higher Targets may unfold later after correction. ( Wolfe Wave, EW wave 5).
5. Reversal in Short Term only below 5050 as of now (10d profile) .
6. The Markets may show bullishness now upto the runup to Byelection results or the Budget . ( Its not based on any Time analysis) .