CASE - I
There is a very strong congestion zone between 4450 and 4630 .... a broad 180 points zone.....IF Nifty is unable to break out of this zone, then it forms a double top and the very bearish 'M' wave starts....If that happens then all the major gaps below will be fulfilled.......
CASE - II
Nifty crosses this congestion zone with another gap up (overnight or intraday) and rockets towards 5000 in no time.....This will be the only way that the upsurge (which I am very much expecting) will happen. Todays PCR @ 0.96 (closing) indicates this only. It has created room for itself to play the sixer....
Advice:
So far if one has followed my positions, probably would have made handsome gains.....But now liquidate 80% long positions (if not already) and wait for the breakout.....There's no harm to enter above missing only 50 points Nifty rally.....Hold the mid-caps and enter into largecaps above the congestion zone (if that holds for 3 consecutive days or once the momentum breaks out above 2630).....
Happy Trading !!!
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