Google+ NIFTY BELOW 4645...BUT STILL JUST A CORRECTION.VIEW FOR 15-06-2009 ~ NIFTY DEMYSTIFIED

Sunday, June 14, 2009

After successfully tasting the support of 4575 on Friday (low 4571), we took a pause and moved sideways, awaiting for the next move. We have started a 5 wave down move on the smaller time frame (5 min), and a co-relation between larger and smaller time frame should clarify the picture. Which means, and 3 wave corrective on the higher time frame and 5 wave impulse on the smaller degree chart will help us to find out possible movement and levels.



So we got 2 immediate extreme from the smaller degree chart (4645 & 4540). Now lets take a look how can 3 wave corrective pan out on the larger time frame (15 min chart).


BC=.618*AB is in line with our intra day support, it can give some sort of bounce after taking a support from 4540 (probable support from 5 wave down move on 5 min chart). Other 2 supports are at 4483 & 4382 respectively. Now see this........................................


So for the coming session,


Resistances: 4625-4647/54 is crucial. above that 4684-4703-4737/4744 will be tested again.
Supports: Below the yesterday low (4570), 4540-4520 is crucial again, a intra day bounce can take place from those levels.
But a failure to sustain above 4645 can show up 4485 and 4385 in coming few sessions.
Happy trading! :)

(All future levels, 5 & 15 minutes chart attached)
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