Saturday, May 28, 2011

Nifty Wave counts look for a rally

The End of day chart for the Nifty suggests that a five wave down move in the Nifty may be complete. What should follow is a fairly decent up move which should take the pattern A-B-C.

Note the Oscillator divergence when the fifth wave was under way. A positi ve divergence together with wave counts is a strong indication that the current move may be complete.


3 comments:

Indian stock market trader said...

Dear Sir
Dont you think that after a long time all the markets are in a downtrend in conjunction. After a bull phase of almost 2 years, it is time for some 3-6 months or correlated consolidation/downtrend for the entire world market.

sureshbhagtani said...

pl check and comment on head and shoulder pattern in nifty weekly chart

Indian stock market trader said...

Did not find the inverse head and shoulder post and did not find the patter on the weekly charts either. weekly charts only seem to be in a downtrending channel. thought of posting the chart but dont think that facility is there