Daily chart is bullish-- though it shows Nifty resting on TL joining previous two tops--5630 & 5448(grren line in chart below):
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EW wise,two major Probabilities:
Probability 1:
It sees the Retracement of Impulse 5033-5448 finished at 5216(A=5448-5255;B=5255-5343;C=5343-5216) and a fresh upwave started from 5216 :
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Probability 2
It sees the Corrective to Impulse 5033-5448 still in play as a Flat in following way:
..png)
EOD
Normally a chart like this calls for shorts:
But not today as it happens to be big news day. Conclusion is that the upward momentum is losing pace vis-a-vis the rising trendline and if Fed announcement doesnot not give it enough strength, a retracement might have already started.A gap-up or a gap-down is likely but I am on the fence.
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Hour Charts are in overbot zone
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EW wise,two major Probabilities:
Probability 1:
It sees the Retracement of Impulse 5033-5448 finished at 5216(A=5448-5255;B=5255-5343;C=5343-5216) and a fresh upwave started from 5216 :
.png)
Probability 2
It sees the Corrective to Impulse 5033-5448 still in play as a Flat in following way:
..png)
Some cooling off of Hourly overbot is necessary-- and extent of that cooling off would indicate which Probability would become a reality.
Some "important" Fed announcement expected today---and such news items have been seen as important trigger points for short term market moves.
EOD
Normally a chart like this calls for shorts:
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