Vimzz

Vimzz

The 5th wave of the downwards expanding diagonal on the Nifty started on the 24th of January. The 4th wave took longer than expected, pretty much subsuming most of January and corrected 38.2% of the previous fall(18887 to 17774) to 18201. The 0.618 extension of the previous fall at 17086 would be a good target for the 5th wave.

Vimzz

A sensex weekly chart showing the failed breakout explained in the previous post.

Vimzz

A monthy chart of the sensex since 2008 showing Fibonacci retracements of the 08-09 fall show how the 1.618 retrace provided resistance in 2010, as well as providing resistance just a couple of percent below the 2.618 retrace in 2015 and now turning the market down just below the 4.236 retrace as well. In support of the current resistance theory is the failed...

Vimzz

A beautiful expanding diagonal appears to be developing in the nifty from the 1st december top at 18887. The fall on the 23rd december culminates into wave 3 of the diagonal and the current weeks rally would then be wave 4. The Zigzagish behaviour of the 2 falls are clearly visible. If correct, this rally will be subsequently fully retraced to the downside...