Elliott wave theory: first of all, I have remarked on
wave marking as shown in given chart. Recent dip which gave us a low of 7724
should be treated as wave end point of wave 4. We were bullish since those
levels due to massive buy signal. I still believe that recent top can be either
at 8416 or before that only.
Market cycle: Global market may be on the last
phase of rise. In general, global market used to take a dip in post QE effect.
S&P used to take a dip at least after a month.
Technical indicators: Now, it is the time to count for
weekly divergence again. A top is sooner as RSI has not moved with any greater
strength.
Charting pattern: I still believe that zone of 8350 to
8416 will a zone of short. Charting patterns are indicating for sluggish move
before correcting. This upcoming correction can bring down Nifty in the zone of
8100 to 8000 levels.
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