Likelihood of the new week spending its time in the range of 5965-6085 is very high.
Daily Chart
Nifty is testing a crucial Trendline and negative divergence is appearing on momentum charts but any deep cut looks unlikely as yet.
Hour Chart
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The above chart illustrates a small degree 5w Impulse starting from 5964 whose 5th subwave may take it to 6045+ in case of a strong opening or to 5965 in case of a weak opening(a weak opening is visualised in above chart).
And then,depending upon how we understand the previous Impulse (5548-5965) and its Corrective (ending at 5923 or 5943) any of the following patterns would play out
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And as 4th wave of an Impulse ends near 4th subwave of smaller degree, iv marked in blue colour assumes significance and may very well define the low for the week.
Daily Chart
Nifty is testing a crucial Trendline and negative divergence is appearing on momentum charts but any deep cut looks unlikely as yet.
Hour Chart
.png)
5 Minute Charts:
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And then,depending upon how we understand the previous Impulse (5548-5965) and its Corrective (ending at 5923 or 5943) any of the following patterns would play out
.png)
.png)
And as 4th wave of an Impulse ends near 4th subwave of smaller degree, iv marked in blue colour assumes significance and may very well define the low for the week.
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