Yesterday i mentioned Y ended at 5477.20 and reversal started from 5477.20 but nifty today opening bell tick has made macd to dip below prior low 5477.20 (macd only)...
Yesterday chart :
Potential negative divergence also macd didn't made lower low in yesterday moves; Also c done less than 61.8% of a and nifty overtaken prior resistance...So i can able to say caution only on longs
If nifty opened above 56xx levels this divergence also would have negated as it was potential only and nifty could continued Y.B as expected....
First morning tick has made divergence as valid....
Todays charts:
Nifty made lower low on macd chart below 5477.20 which gives clue that nifty likely to fall further till it posts positive divergence.....
3 mins chart didn't posted positive divergence so this downfall will continue...
Yesterday chart :
Potential negative divergence also macd didn't made lower low in yesterday moves; Also c done less than 61.8% of a and nifty overtaken prior resistance...So i can able to say caution only on longs
If nifty opened above 56xx levels this divergence also would have negated as it was potential only and nifty could continued Y.B as expected....
First morning tick has made divergence as valid....
Todays charts:
Nifty made lower low on macd chart below 5477.20 which gives clue that nifty likely to fall further till it posts positive divergence.....
3 mins chart didn't posted positive divergence so this downfall will continue...
So labels will be re arranged like this...
TZZ or ED in progress...
i/w: 5971.20 5604.85 366.35
ii/x: 5604.85 5754.60 -149.75
iii/y: 5754.60 5477.20 277.40
iv/xx: 5477.20 5544.50 -67.30
v/z: 5544.50
As per EW rule, third wave cannot be shortest of all so in our case vth wave should do less than 276.40 (ie. 1 pts less than iii) ...
so v/z likely to go upto 5266.10 to 5373.05 in coming days.....
Violet channels are approx wedge channel which nifty likely to follow....
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