Saturday, February 8, 2014
Nifty Spot Daily Chart
The speedy Fall below 5972.8 has confirmed the upmove from 5118.85-6355.6 as a five legged triangle instead of a diametric as first leg of F-leg of higher level diametric. Now the current fall may be an x-wave or final G-wave down of higher degree diametric. Time and price action would confirm the final thing.
Nifty Spot Hourly Chart
Above 6170.45 diametric-d leg up is out and 6355.6-5933.3 was a-leg of Fall and the b-leg up is happening. Now 5950 is quite a robust support unless we get a weekly close below 5950 or two consecutive close below 5950 break of it is difficult. The present upmove should stop before 6150.
Nifty Oblized
It was anticipated overbought Nifty should test the middle bollinger band and Nifty has oblized and tested one of the middle bollinger band and got supporting rally.
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