My dear friends the above chart is from our respected RCG Ji....he has been kind enough to enlighten us on the blog with his analysis skills...the five numbers he has mentioned in the chart are simplified and rounded off ..but for those who want to do pinpoint analysis the numbers are 5072, 5014, 4910, 4734, and 4590...we have come to these figures using wave C fibonacci extensions in keeping wave A as focal point...If u see all these figures they have either caused strong bounces or slides for example breaking 5010 took us to 4935 in next 30 mins and 4734 gave a bounce of 450 points.
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The chart above shows the wave channels in this corrective phase.. the white ones are governing present wave.. breaking the narrower white channel will take nifty to the wider one...if the wider one is broken convincingly then we might as well go to 4721 and 4590 zone..
The charts above is a close up of previous chart and will act as guide for trading...a point to note is that if we cross 5177 then bearish counts may get a jolt and bulls will make an effort to enter the gap between 5230-5330..
Gr8 Work Harshalbhai,
ReplyDeleteI highly appreciate your initiative of teaching and sharing your in depth knowledge of classic TA.
Thanks
thanks as well sujit..good luck
ReplyDeleteGrt work Harshal ji...keep it up.Aapne channels ke zariye bada achcha roop diya hai nifty kaa.2nd chart maximize nahi ho raha hai.
ReplyDeleteRegards,
Karjunan