Elliott wave theory: I have quoted for 1% up move with
target at 8700 if it able to stay above 8620. Well, except one impulsive trade
we never got 8620+ levels hence a dip came to test support of 8500. Well, below
8500 it will correct to come near 8400 and then it will be decisive in 5th
wave. This is only first red deal on 5th wave so far. Correction is
not looking big in this month as compared to 900 points of straight rise.
Market cycle: December is usually a good month for
equity but we hardly saw two months old rally before December. So far,
beginning for December looks good. Will it see any moderation against market
cycle? So far, answer is no.
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: As long as it holds above 8450 we
cannot say that correction can last longer. Immediate technical support will
come at 8536-8500 levels.
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