Will Nifty undergo a 12%-15% correction?

[Cramer]

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.

 

[gandharvashu]

Hi!

I think nifty can go down but not as much as 3580, somewhat in between.

 

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Nifty has support @4000. If this level has broken, it finds support @3950. I dont think it will go down beyond this level.

 

[jatayoo]

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.

 

[anilbalaji11]

"REST ASSURED ..THE MARKETS WILL DO WHAT YOU LEAST EXPECT"....Benjamin Graham.

G ood quote, market will do what u least expect.
Market always surpries traders and investors