Nifty completed sub wave 5-3-4 with a triangle (a-b-c-d-e) to start wave 5-3-5. Typical of wave 4, the price pierced the trend line momentarily and reversed to start the new wave.
The major wave 5 is likely to have an extended wave count of 1-2-1-2-3-4-5-4-5.
Based on the principal of wave equality the present wave 5-3-5 is likely to have a target of 9110 ( wave 1= wave 5).
With wave 5-3 being completed at 9110 it is now possible to derive the overall target of major wave 5 which could touch 9840.
Tuesday, August 30, 2016
Friday, August 12, 2016
Brent Resumes the Up Trend ??
Brent found support at
$42 levels and has reversed to test $47 . In spite of heavy short built
up, the reversal may have come as a surprise as traders
scramble to cover their shorts, in the process propel the prices higher. On the daily charts, Brent may find resistance at $47-$47.50
levels and may consolidate between $45 to $47 levels before the next move.
On the weekly charts, with the momentum picking up, a crossover
of the trigger (yellow dotted) line above zero may indicate resumption of the
uptrend after a brief correction from $52 to $42, a 38.2% retracement,
common during an up move.
With the long term trend gradually picking up, higher targets nearing $65 cannot be ruled out
in the next few months.
We had earlier indicate the possibility of Brent correcting to
$43 levels and resuming the uptrend . See post :
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