Today's move was quite unexpected by me...I was frankly caught on the wrong foot and felt very bad about it.......But then this is stock market.....I made some adjustments and found the following.....
1. Nifty went above 4370, thereby neglecting the 5th downwave of the series that I took into consideration. There was an overlapping wave and maybe I was misguided on that. If that happens, then we are in greater probability of being on the 5th upwave generated from a series whose origination is at 4703 (1st month futures).
2. If we are riding the 5th upwave of the series mentioned above, then we might first see 4800 before the commencement of the 6th extended wave fall.
3. Onbalance has moved to a new high, thereby increasing the chances of the upmove.
4. Nifty on EOD charts is taking support at 34 ema, which always acts as a strong support/resistance. Also a particular golden crossover has taken place in 5-min intraday chart which further supports the new theory.
5. Lastly, FII+DII figure has been on the buy side for the last few sessions...
1. Nifty went above 4370, thereby neglecting the 5th downwave of the series that I took into consideration. There was an overlapping wave and maybe I was misguided on that. If that happens, then we are in greater probability of being on the 5th upwave generated from a series whose origination is at 4703 (1st month futures).
2. If we are riding the 5th upwave of the series mentioned above, then we might first see 4800 before the commencement of the 6th extended wave fall.
3. Onbalance has moved to a new high, thereby increasing the chances of the upmove.
4. Nifty on EOD charts is taking support at 34 ema, which always acts as a strong support/resistance. Also a particular golden crossover has taken place in 5-min intraday chart which further supports the new theory.
5. Lastly, FII+DII figure has been on the buy side for the last few sessions...
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