SGX Nifty closed in Red. So Nifty here may Gap down. Markets are trying to find foothold above the recent lows and may test 5050-5000 levels.
Fibonacci Retrace levels of the upmove are given in chart , Volume profiles may not work well now due to gap up and downs but 5075 apprx may act as initial support if trades below 5100 , above 5160-65 has emerged as a HVN and will act as a good Resistance , Dont be short above it . Can keep 5100 as SAR and trade the chart tmrw. Though 5000 or 5050 has good chance of holding on closing basis , Below it may well be all Red. Trade very light , cut positions fast till the Market settles in a new range. Better Stay Away.
8 comments:
dear is this iv wave going and after tomm gap down again c wave up possible ??
Ya Bizagra it may be the ivth of the 3rd and now may be in the b wave (can easily correct to 5000 levels and keep the chart intact).If 5000-5050 holds than a triangle may develop in this ivth as above 5200-5250 seems a good resistance . this b may be complex ,Range bound trading for few days to keep option writers happy ( check the ratio of option trading in whole f&o segment )
rv
based on what it looks to me i think only 3rd of 3rd frm 5702 is complete. 4th however with such and extennded 3rd there can be a truncated 5th of 3rd frm 5702. then a 4th frm 5740.
does it look different to u?
4th goung on instead of "4th"
Hi Piyush,
Just check out my comment to bizagra above . I am also taking it as 4th wave of the 3rd (expect to end may be mid next week).5th of the 3rd will follow may be truncated ,may be not :)will depend on expiry pressure developed till then.
It may be followed by a larger 4th which will retrace whole of the 3rd ( from 5700 - bottom created) and may consume whole of sept.
Just thoughts :))
rv,
i read in beckman that suppose wave 3 ( comprising i ii iii iv v) is there corrected by wave 4, wave 4 shud be greater in time and amplitude than ii and iv. what r ur thoughts on this
PS,
Thats logically true as wave of higher degree should be greater in time and amplitude than its corresponding lesser degree to fit a wave structure well.
since 4th will be correcting the 3rd ,its time may be greater than the 3rd.(not a rule but happens often)
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