You must read previous articles and watch above chart carefully to understand this article completely.
Nifty came at 5317 as high point. When I said yesterday for a dull attempt towards 5343, I was expecting this. Things remain same. We may see those attempts again. For today, if we manage to stand tall above 5317 then 5343 will have higher probability to be tested.
Failure will cause a fall towards 5260 (>5248).
First view is wave c = 1.618* a = 5343 (Already stated on Friday too in my intraday updates.
Second view is wave c =2.618* a = 5496 (Things can never be as simple in stock market as it looks on charts.)
Take another calculation, wave 1 = 4770.35 to 4898.95 = 128.60 points (Up)
Wave 5 has to comparable with wave 1 or wave 3.
Consider first with wave 1 – Wave 5 = 2.618* wave 1 = end up 5378. So we can say that 5378 will act as tougher hurdle to cross.
Let us explain with Wave 3 – 4847.70 to 5190.20 = 324.50 points (Up)
76.40 % rise from 5041.70 of wave 3 = 5288, which was roughly the high pointof Friday’s trade.
I like to add one more point. This rally is running from 4770. From a top you need to put support at 38.20% as reversal point. Previously it was coming at 5029, now it is coming at 5090-5100 levels. Now, support if we see a high at 5343 then 38.20% will come @ 5125.
So you should look for 5343 as first hurdle and 5378 as second hurdle. Wave theory suggests that fifth wave advance can continue till 5343 but I am doubtful about 5378. Although I should not close any views completely so I will keep 5496 in my studies.
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Praveen Kumar
Mail id – Praveen@viecapital.com
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