...if the Index has broken out of a Neutral Triangle, then the new move can achieve 75% of NT’s largest leg, which was its “D” leg. This we had calculated about 30500 (Nifty 9500) or a new high as our upside target.
This, however, does not rule out temporary corrections on the way because the developing pattern inside the new UP-move required so.
...
On its Daily chart, Sensex formed a bearish Dark Cloud Cover (DCC) candle on Thursday, but Friday’s action formed a Long Legged Doji (LLD) candle due to late recovery on that day.
The immediate trade could depend on whether Index generates +ve follow-up to Friday’s late recovery effort, and whether such effort would be able to take out the top of Thursday’s DCC.
...
Failure to sustain above these highs could continue the indecisive trade ahead of the State Election results. On downside, Friday’s low of 28716 (Nifty 8860) can be considered crucial, a decisive weakness continuing below which would provide confidence that that “f” leg is forming.
Remember, however, any such “f” leg dip would only provide a buying opportunity just before the last upward leg, i.e. “g”, opens up. The “g” leg should move closer to our upside target of a new high, which is still pending.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201736102322.asp
This, however, does not rule out temporary corrections on the way because the developing pattern inside the new UP-move required so.
...
On its Daily chart, Sensex formed a bearish Dark Cloud Cover (DCC) candle on Thursday, but Friday’s action formed a Long Legged Doji (LLD) candle due to late recovery on that day.
The immediate trade could depend on whether Index generates +ve follow-up to Friday’s late recovery effort, and whether such effort would be able to take out the top of Thursday’s DCC.
...
Failure to sustain above these highs could continue the indecisive trade ahead of the State Election results. On downside, Friday’s low of 28716 (Nifty 8860) can be considered crucial, a decisive weakness continuing below which would provide confidence that that “f” leg is forming.
Remember, however, any such “f” leg dip would only provide a buying opportunity just before the last upward leg, i.e. “g”, opens up. The “g” leg should move closer to our upside target of a new high, which is still pending.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201736102322.asp
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