Feb 222012
Nifty(5607):
Nifty weekly charts
The above chart is the 'case 2' we had outlined several days back in this month's morning note. Beyond 5975 Nifty it would be 'case 3'. We are very close to getting some very important clues as to what the Indian Nifty is going to do. USDINR - cross above 49.8 will be the first clue that USDINR will stretch to potentially 52 and as a consequence will indicate a corrective phase for Indian equities.
Sorry for the very short update - not fully recovered but will be able to respond to questions you might have on this chart.
8 Responses to “Technicals 22nd Feb 2012”
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You had mentioned two targets in case 2- 5650 or 5950.Which of these is more likely before a downtrend?
Sri,
As of now I favour a correction from 5650 or slightly lower, followed by 5950 after the correction. But if things change will update you all.
Cheers,
Jai
How deep you think this correction can last? The one that has started today.
Thanks Jai. Any approx levels for correction before resumption of uptrend? Thx.
Hi jai, Just wanted to check, whether wave A and 5 can coincide. Should’nt the wave after wave 5 be termed at A? Just checking.
EW’s are fractal in nature. What the 5 waves make in the next higher degree is important. 5 waves occur in the direction of primary trend. So 5 waves in a lower degree may be 1 or 3 or 5 or A or C one degree higher.
Hope that helps.
Thanks Jai
[…] it needs to be in 3 steps , else the B wave stands a chance of moving higher to 5900 (see earlier post ). As the structure unwinds, Ill update in plain […]