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Nifty Daily

4 Jun 2020 ‚óŹ 02:14 PM





 TIME TREND Up Level   Down Level
 Short term trend  Up 10294-10550 9387

Nifty paused in wave iv of c or 3 up and we should continue higher. Wave v may head toward 10550. Now does that mean we top and drop at 10550? Not sure. c=a goes much higher and we do not know yet if wave c will subdivide into more legs like 9 waves [5+4]. So we will use levels to trail at that level for a reversal rather than preempt a top in advance.


Not more than a 23.6% retracement in wave iv so far and with a 3 wave correction we maybe done. So redrawing the channel we have support at 9980 and the upper channel then can be redrawn to 10500. We are setup to get past the gap at 10160 now.


The swing is back at 56 so now there is a lot of room to go up. The pause expected from the overbought reading appears done so we should rise again.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21967-22300  20300-18838

Nifty and bank nifty have different counts now so here we are only in wave ii down and wave iii up is next where iii=i goes to 25500 or higher. That is a long way to go as bank stocks play catch up with the rest of the market. So once this takes off there is little to stop us. On hourly charts a redrawn channnel for the rise has its lower end from 20300 to the top end at 22300. 


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