You must read previous articles and
watch above chart carefully to understand this article completely.
It seems that Dr. Manmohan Singh is
back to action and work. There are some outcomes over GAAR which may try to
give some sentiment boost up for FII. Lots of clarification has yet to come.
Out come of euro summit – will again
be nothing. I have lesser to believe and higher reason for ‘not’ to believe. I will
take as it comes.
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 29 June
2012
– trading strategy
–
SGX is hinting for opening @ 5190+. Take
a note that it is against the fall on Nifty july month future in last 15
minutes. So do not assume that Nifty will see that kind of opening what SGX is
hinting.
I am quoting things for Nifty (Not
for NIFTY July future). If Nifty comes above 5190 then short Nifty with stop
loss of just 20 points (say, resistance @ 5209, from how many days I am
saying?). Then wait for second half, which may be bad.
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
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