Will Nifty undergo a 12%-15% correction?

#1
So Nifty is poised to break upwards beyond 4250. Or is it really? Let's look at the enclosed chart and some bullish signs first:-

1. Strong uptrend for nearly 4 weeks
2. Bullish open interest in Nifty still strong

and some bearish ones:-

1. MACD about to turn negative after having shown -ve divergence
2. Nifty Prices hitting resistance at 4250
3. Symmetrical triangle broken on 13th Apr has achieved its target.
4. Of the corrective A-B-C wave pattern, wave B seems to be complete. C wave should retrace to nearly where wave A ended about 2 months back.

An upward breakout beyond 4250 with good momentum, liquidity could see another bullish phase. However, Nifty could as well retrace to a level around 3580-3630.
 

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jatayoo

Well-Known Member
#4
So Nifty is poised to break upwards beyond 4250. Or is it really? Let's look at the enclosed chart and some bullish signs first:-

1. Strong uptrend for nearly 4 weeks
2. Bullish open interest in Nifty still strong

and some bearish ones:-

1. MACD about to turn negative after having shown -ve divergence
2. Nifty Prices hitting resistance at 4250
3. Symmetrical triangle broken on 13th Apr has achieved its target.
4. Of the corrective A-B-C wave pattern, wave B seems to be complete. C wave should retrace to nearly where wave A ended about 2 months back.

An upward breakout beyond 4250 with good momentum, liquidity could see another bullish phase. However, Nifty could as well retrace to a level around 3580-3630.
"REST ASSURED ..THE MARKETS WILL DO WHAT YOU LEAST EXPECT"....Benjamin Graham.
 

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