Friday, May 26, 2006
NIFTY Support
Nifty support seen at 3228 & 3200.
This is from the low 3066 to the high of 3278.
This is Fibonacci retracement levels which are only .236 & .382.
0.5 = 3172
0.618 = 3146
NIFTY POSSIBILITY OF 3242
Today, there is a great possibility of Nifty Cash reaching 3242!!!!!!!!
Nifty would become bullish only after a crossing of 3250!!!!!!!!
Monday, May 22, 2006
UPDATE OF NIFTY ELLIOTT WAVE ON WEEKLY
This is an update of what has happened!!!!!
As suggested on Sunday, May 20th, 2006 at the following page : http://dynamictrading.blogspot.com/2006/05/nifty-elliot-wave-counts.html
Nifty has taken support at 0.618 Level, see the circle marked in RED. Actual (0.618) 2871.90 Low reached 2896.40 A Difference of only 24.50 points on the NIFTY.
NOW WHAT?
We now have to see, if this support holds!!!!!!
Another important point is that if this 0.618 is broken then all hell will be let loose, & should not trade below 2669.20, Which was the top of wave 1. For details please check the chart attached.
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