I had concluded my previous post with following words:
Q
I would say 5720 and 5770 are two points where Nifty would take a pause and begin a dip. As this dip would be part of a higher degree Harmonic pattern (shown in blue in above chart) so its likely to retest 5625-5640 zone.
UnQ
It did show a pause at 5770 but didnot dip --- to me it means that this upmove from 5567,therefore is part of a higher degree Harmonic pattern than the one considered by me in previous post.
In fact, I had posted following Chart in pre-market hours on our Facebook group's wall, trying to enumerate various probabilities:
While a dip is imminent but
i) from what point?? And
ii) upto what point ??
While the answer to i) has been mentioned in the Chart above, and I am inclined to say that 5886 should hold the current leg of upmove.
answer to ii) is 5749 and 5690 have emerged as very strong support points going below which would definitely surprise me.
And on the upside ??? Lets complete this dip-- shall be answering that only then.
Q
I would say 5720 and 5770 are two points where Nifty would take a pause and begin a dip. As this dip would be part of a higher degree Harmonic pattern (shown in blue in above chart) so its likely to retest 5625-5640 zone.
UnQ
It did show a pause at 5770 but didnot dip --- to me it means that this upmove from 5567,therefore is part of a higher degree Harmonic pattern than the one considered by me in previous post.
In fact, I had posted following Chart in pre-market hours on our Facebook group's wall, trying to enumerate various probabilities:
And by End of Day, following two stood out:
i) from what point?? And
ii) upto what point ??
While the answer to i) has been mentioned in the Chart above, and I am inclined to say that 5886 should hold the current leg of upmove.
answer to ii) is 5749 and 5690 have emerged as very strong support points going below which would definitely surprise me.
And on the upside ??? Lets complete this dip-- shall be answering that only then.
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