Weekly chart is still bullish but I need to stick on my point
that 8000 should be a stiff figure to cross, psychologically!!!
Elliott wave is suggesting for 8132, once it is above 7940. Wolfe
wave- will take effect - short below 7850. RSI + MACD Divergence = saying for a
top sooner!!!
It is very clearly a rising wedge formation which usually
comes in fag end of wave ‘5’. So far, there is no clear technical hint for top
levels but a top is coming sooner. Fibonacci series projection is suggesting
for maximum level as 8132. I need to be clear that charting formation for
Indian indices are completely different from rest of global indices so far. Major
global indices are giving hint for ‘the major top’ which Nifty is still showing
sign of more steam left.
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