Member's post – India
Nifty hourly – Wave v of Minuette degree is ready for next round of assault in the skyward direction
1st scenario – If wave v is equal to wave i then Nifty will kiss the tag 5210 in the next spurt.
2nd scenario – If wave v get extended (i.e. 161.8% of wave i) then in that case Nifty will kiss the tag 5310 in the next leg itself.
Dharmesh Patel
Vishvesh
Author: Orpheus | Date: 05 March 2010 | Comments (5)
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look at the long term daily chart of nifty
left shoulder formed on 20/10/2009(5168)
head formed on 6/1/2020(5303)
forming right shoulder?
if not crossd 5303 and crashed below budget bottom then will slide to 3900 levels
There are 3 views above, talking about a similar topping view. Even Orpheus view is a topping structure. This is a classic consensus, which generally does not work. Let’s see.
Domnita,
If i am reading correct all above views are not same. Dharmesh view is bullish, where he is counting rise post budget as start of five wave advanced. And there he doesn’t even feel wave iii of that rise has ended. My view is that the rise is w-x-y or a-b-c both can be counted. Where in, as trader i am expecting that wave C which is five advanced might have completed. Evidence like hourly divergence, Channel target along with equality of A=C and this all is falling at the same price area which is bang 61.8% of recent fall. So this all technical reading suggest one retracement of recent up move.
Great. We have a divergence
. Thanks Vishvesh
just see the bank nifty
double top at 9250 (inverted head and shoulder neckline)
possible fall up to 8600 to create right shoulder