Decisive break below Aug/Sep’16 lows of 27826-717 (Nifty 8518-55) is, however, still awaited to confirm that the 3rd Corrective is indeed finally over, and downward correction to the larger “D” leg has started.
Last week’s low on Sensex was at 27548, which broke its Aug/Sep lows we had mentioned as 27628. However, Nifty’s low for the week was at 8541, which is still not broken its corresponding Aug’16 low of 8518.
Further, a break is considered as “decisive” when the action performs “lower top lower bottom” below the levels (Aug low). This is still awaited. However, this is only a matter of “decisiveness”.
....
We had also argued that a Triple Combination carries pattern implication of 60-70% retracement. We also marked the 60% implication at 25000-500 on the initial Daily chart. On Nifty, 60% retracement level would calculate as 7700-7800.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2016101711229.asp
Last week’s low on Sensex was at 27548, which broke its Aug/Sep lows we had mentioned as 27628. However, Nifty’s low for the week was at 8541, which is still not broken its corresponding Aug’16 low of 8518.
Further, a break is considered as “decisive” when the action performs “lower top lower bottom” below the levels (Aug low). This is still awaited. However, this is only a matter of “decisiveness”.
....
We had also argued that a Triple Combination carries pattern implication of 60-70% retracement. We also marked the 60% implication at 25000-500 on the initial Daily chart. On Nifty, 60% retracement level would calculate as 7700-7800.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2016101711229.asp
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