Nifty is showing three strong signals for correction Signal 1 : A Negative Divergance is seen on the daily charts of Nifty 50 which is showing weakness... Signal 2 : On weekly charts a Shooting star pattern is forming... Signal 3 : RSI at weekly charts is highly at overbought zones... Now for next few days small cap may run and many people will turn...
One can expect the price to see a correction of atleast 5% in the coming days after a sudden spike in price by almost 37% in a little over 3 months. RSI on daily chart indicates that it is in overbought territory and the overall trend is downwards as well after the price peaked in early 2015.
It seems that the upside momentum in nifty has got exhausted and may see a correction up to 8600 price levels for short term, one can see that nifty is forming a rising wedge kind of pattern which is a bearish pattern, whereas price action in other emerging market indices also seems to be bearish and experience a correction.
Arvind is giving a potential short setup on daily chart with Wave B up move completing at 61.8% fib levels and Wave C correction starting now going around the targets of 300.
Nifty is making a Flag Pattern which is coming near the lower trendline with MACD Divergence.. I would expect the price to go higher from there which gives a potential buying opportunity.. If it break the Flag upper trendline line then My Markets are at the all time highs around 9120. However, if it continues to go lower then I would wait to see what pattern is...
CrompGreav is giving a Short Setup breaking the trendline would take the stock lower toward the first target of 70 and probably further lowers toward 50% and 61.8% retracement levels. Details are giving on the chart. Stoploss should be just above the 89 level and can be trailed for the trade. Happy Trading!!
USDCAD is giving an ABC correction and I would expect it to rise towards 1.3400 level as Wave C of the correction. Details are on the chart.
ACC is giving a Short Setup.. After a large rally ACC gave a 5 wave decline correction from 1740 to around 1590 Levers after which it has moved back up again in what looks like a 3 wave corrective pattern indicating that it will go down again for a Wave C or Wave 3 correction down. One can short the stock at current price levels with stoploss just above 1740 and...