....if the corrective phase continues beyond 2-3 days, then it could be labeled as “f” leg of the last Diametric from Dec’16.
If it confirms as an “f” leg, then the Index could test the Yellow 0-b line shown on the charts, which is at around 28500 (Nifty 8825). This level is also close to top of “c” leg, or the “overlap” level.
Further, if it indeed is the “f” leg, then Sensex can shave off about 400-500 pts price-wise, in about 6-8 days time-wise, just like the previous 2 corrective phases, which we marked as “b” and “d” legs, did.
However, as long as the larger rising channel we showed in Yellow continues, even “f” leg dip would provide buying opportunity for the upward “g” leg, i.e. the last leg of the larger Diametric.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2017227103930.asp
If it confirms as an “f” leg, then the Index could test the Yellow 0-b line shown on the charts, which is at around 28500 (Nifty 8825). This level is also close to top of “c” leg, or the “overlap” level.
Further, if it indeed is the “f” leg, then Sensex can shave off about 400-500 pts price-wise, in about 6-8 days time-wise, just like the previous 2 corrective phases, which we marked as “b” and “d” legs, did.
However, as long as the larger rising channel we showed in Yellow continues, even “f” leg dip would provide buying opportunity for the upward “g” leg, i.e. the last leg of the larger Diametric.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_2017227103930.asp
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