Wednesday, 22 August 2012

Nifty Page:22-08-2012

Pre-Market view

Based on chart above which shows the last subwave of the upmove nearing completion as a 3x3x3x3x3
diagonal wherein sw5>sw3>sw1,I am expecting Nifty to begin its downmove now.Please have a look at yesterday's Nifty page(link given below)
Nifty Page:21.08.2012

Stop loss for shorts at 5445

EOD 22.08.2012
Gap-down open followed by very sharp upmove was the first indication of Nifty's continued refusal to show weakness. Yesterday's high was breached ,though negative divergence vis-a-vis RSI-14 was again re-affirmed. Traded below Hourly Trendline almost throughout the day and in the last hour some price-wise weakness was also seen but confirmation would come only with formation of lower low and lower high which was not seen today.

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