Today's price-action has given a bearish tone to the outlook.
Daily chart:
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Though this Price action has conformed to the charts posted on 07-01-2013( see link http://sanjayraghuvanshi.blogspot.in/2013/01/nifty-page-07-01-2013eod.html) and first the target of 5940 mentioned therein.
Only saving grace for the bulls has been that this downmove (6042-5940)so far has retained the form of a complex Corrective and cannot be seen as a Impulse.However,its accelerating into an Impulsive form cannot be ruled out altogether and the guiding channel now is:
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Daily chart:
.png)
Though this Price action has conformed to the charts posted on 07-01-2013( see link http://sanjayraghuvanshi.blogspot.in/2013/01/nifty-page-07-01-2013eod.html) and first the target of 5940 mentioned therein.
Only saving grace for the bulls has been that this downmove (6042-5940)so far has retained the form of a complex Corrective and cannot be seen as a Impulse.However,its accelerating into an Impulsive form cannot be ruled out altogether and the guiding channel now is:
.png)
And it means that the 5w Impulse 5864-6042 has been retraced just above 57%.(61.8% gives a figure of 5932)
A decisive breach of the above illustrated channel would lead me to label the downmove as Impulsive 12345 instead of the current abc/wxy(which I am deliberately not illustrating in today's post as after first abc,when the developing wave announces its complexity,it mentions at the same time its lack of trade-worthiness and increasing chances of whipsaws.)
A few charts illustrating important channels/TLs which,along with positive divergence, can become good guides for taking future positions:
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