Nifty: 8935 above 8949 will go to 8972 _8995 & 9034 Below 8920_8875 Support 8860 will see a correction on completion of wave v
Weekly above 8973 go to 9030 _9096 monthly above 9040 it can go 9130 & 9290
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Parasuram
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Please clarify was it 8840 or 8860 the start of wave v? and where did 8540 come about? 8540+390 =? shouldn't be 8860+390 =9250
padiyara
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@Parasuram, 8840 and 8860 both are different value.
I was knowing that, a small mistake will generate lot of doubt.
so, keeping mind, all that, I have taken extreme care to put digits
8840 is 38 % projection of wave 3
ie: 8540+ (490 x.618) = 8542 approx:
Above 62% projection, it is considered
as extended wave and correct very swiftly
when in it falls
I miss few points every time...be with me
And 8860 is a pivot low, having other importance.
padiyara
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@padiyaraa, **** read =8842
ie: 8540+(490x0.618)= 8842
padiyara
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@padiyaraa,
SaurabhMehra
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@padiyaraa - Hello, so in case, just assuming that Nifty opens with a huge gap up tomorrow, would you suggest going short considering the weekly resistance would come around 9096? OR am I interpreting things wrongly here.
padiyara
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@SaurabhMehra, Cannot measure the extend of a euphoric market movement.
Your expectation is right, when we are on top of a wave v, but it is not safe to trade against the trend.
so be watchful for a reversal to take short positions is the best way in trading.
SaurabhMehra
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@padiyaraa, hmm.. right. I was also thinking that whenever there is huge gap, does the market "generally" not try to fill the gap sooner ot later...?
I get the point that ideally we should wait for the reversal but I am asking from standard Gap theory viewpoint. what's the general theory, do you know?
padiyara
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@SaurabhMehra, At this stage, any Gap could be considered as an exhaustion gap, which can fill very fast.
That is definite.
SaurabhMehra
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@padiyaraa, great, I guess that explains. Thanks and see you on another side of the night :)