You must read previous articles and
watch above chart carefully to understand this article completely.
It was another expected dull day
yesterday. Prime minister asked MoF to start with fire-bridge reforms. Will that
enough to start with reforms? Looking on the history of UPA history, I am not
hoping anything. These are just talk to boost the moral, nothing else.
Out come of euro summit – will again
be nothing. I have lesser to believe and higher reason for ‘not’ to believe.
It is derivative expiry and we must
just focus on technical charts. Waves are as following: -
Wave 1 – 4770.35 to 4898.95 = 128.60
points (Up)
Wave 2 – 4898.95 to 4847.70 = 051.25
points (Corrective down)
Wave 3 – 4847.70 to 5190.20 = 324.50
points (Up)
Wave 4 – 5190.20 to 5041.70 = 148.50
points (Corrective down)
Wave 5 – 5041.70 to 5194.60 = 152.90
points (Up)
(Wave 3) = 2.525* (wave 1) ~
2.618*(wave 1) – This is key to plot this five wave. You cannot plot anywhere
you want. You cannot violate basic rules to plot waves. This is most correct
wave plotting in my view. More over, - (Wave 5) ~ > (wave 1) – a required
condition. Break and trade below 5080 will surely push us lower any day any
time.
For 28 June
2012
– trading strategy –
SGX is hinting for opening @ 5160+. It
can give a push towards 5190 on NIFTY as well as NIFTY FUTURE. I am already
saying that I am not the firm believer for the cross of 5209. So short on rise
and keep stop loss @ 5209. No ‘if’, no ‘but’. Regular readers are fully
aware that we were the first one to come out with importance of 5090. Look at
now, everyone is talking.
In the above chart there is a
charting formation, which is known as diamond chart formation. 80% of the time
it favours bears. So the top of 5th wave may/will not see extension.
Even if it comes it will not see any greater extension. I will be surprised if
it comes at 5250-5300.
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Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
