![\"\"](\"https:\/\/www.cashthechaos.com\/blog\/wp-content\/uploads\/NiftyBigpic22Nov2011.jpg\" "\\"NiftyBigpic22Nov2011\\"")
<\/a>Nifty - Daily Charts with wave count<\/p><\/div>\n
The speed of the decline is definitely of that of a third wave, which we have been marking as one on the daily updates. The possibility that we might still be in the 3rd wave in the bigger picture too is now a possibility. The implication of that is that there might one more leg of decline like the decline from April to August, after this downward leg is complete. This would work well with our call for INR 57+ to the dollar. It is also possible that green circled area shown on chart is a wave 4 of C of green Y. Either case, Nifty should drop closer to 4400. If Nifty breaks 4720 without a pause, the odds that we are still in the third wave (purple 3) would gain more weight. We will update on the bigger picture as things evolve.<\/p>\n
Short term: Given that Nifty has been relentlessly dropping from 5325 to 4764, it is very doubtful it may have the energy to break the big support of 4720. A bounce to 5000+ would be the bare minimum but as we have been seeing extended waves are very difficult to pin down. In case, 4720 is broken supports to watch are at 4650 and 4530.<\/p>\n
Open positions:<\/p>\n
USDINR long from Oct 21st - Take profits here today<\/strong> (52.3 was November Fut close) - RBI will come under intense pressure to intervene. We will get in on a pullback for the next target of 57+<\/p>\n Silver - holding with upgraded stop of $34.2. Take Partial profits<\/strong> @$31.4<\/p>\n Nifty Long Guts: November with a debit spread of 184-188.<\/p>\n","protected":false},"excerpt":{"rendered":" Nifty(4778.35): Given the ferocity of the decline from 5325, let us re-visit the big picture of Nifty and see where we are in the larger trend. The speed of the decline is definitely of that of a third wave, which we have been marking as one on the daily updates. The possibility that we might […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,76],"tags":[],"class_list":["post-1247","post","type-post","status-publish","format-standard","hentry","category-indian-stocks","category-premium-content","category-42-id","category-76-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/comments?post=1247"}],"version-history":[{"count":6,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1247\/revisions"}],"predecessor-version":[{"id":1253,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1247\/revisions\/1253"}],"wp:attachment":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/media?parent=1247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/categories?post=1247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/tags?post=1247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}