The Black channel encloses the choppy movements from 31st May low of 26561 (Nifty 8134) onwards. Break below 31st May low within the next 4 days would mean faster retracement of the last rising segment.
By NEoWave, faster retracement of last rallying segment is a confirmation that g-leg or 1st part of g-leg is over.
However, to confirm that the bigger “D” leg is also over, we require full and faster retracement of g-leg itself.
If the correction stretches much beyond 5 days, it would suggest a larger correction, the next crucial level for which would be the 0-f line (not shown on the charts).
The 0-f line may be considered the Base-line for the post-Budget rally or “D” leg. The value of this line in the 3 days would be around 23900 (Nifty 7960).
Faster break, in lesser time than the time consumed by the g-leg, of this Base-line, followed by faster retracement of the g-leg itself would mean “D” of the Expanding Triangle (ET) is over, and “E” of ET is going down.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2016613104233.asp
By NEoWave, faster retracement of last rallying segment is a confirmation that g-leg or 1st part of g-leg is over.
However, to confirm that the bigger “D” leg is also over, we require full and faster retracement of g-leg itself.
If the correction stretches much beyond 5 days, it would suggest a larger correction, the next crucial level for which would be the 0-f line (not shown on the charts).
The 0-f line may be considered the Base-line for the post-Budget rally or “D” leg. The value of this line in the 3 days would be around 23900 (Nifty 7960).
Faster break, in lesser time than the time consumed by the g-leg, of this Base-line, followed by faster retracement of the g-leg itself would mean “D” of the Expanding Triangle (ET) is over, and “E” of ET is going down.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2016613104233.asp
No comments:
Post a Comment