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    Monday, May 10, 2010

    nifty movement as per ew analysis'...

    some possible wave counts for the ongoing nifty correction from the peak of 5399.65.

    Case I:



    though getting into an oversold territory, the nifty may immediatly have a downside till about 4950, which coincides with the 200 dsma of nifty.

    then a small bounce/pullback may occur in the near term upto 5123 or so, which coincides with 100 dsma.

    thereafter, it will have to be seen whether this would be sustainable or not. if not, and c of C breaks on downside, then the downside can continue upto wave C-e which can take it to about 4800 or slightly below that lvl.

    Case II:



    after C-c a small pullback just above/near 5100 and then short term bottom formation near 4950.


    when Case I or Case II is complete(i.e C complete), then a recovery in mkt for short(to medium) term may happen, which can be bought into for short to medium term.

    right now the medium or medium to intermediate term picture is still okay on nifty and the us mkts.

    -abhay r somkuwar.

    Posted by abhay r somkuwar at 7:23 AM

    6 comments:

    Sujatha said...

    Abhayyyyyyyyyy,

    Jealous on you. Wah, SGX is showing high of 5138 trading @ 5120 level :)

    I am holding long...as per your 5000 lvls (risk is mine purely)

    Thanks a ton and have a great day :)

    Regards

    May 10, 2010 at 8:21 AM
    abhay r somkuwar said...

    cheers sujatha, gr8 to know...

    and thanks for the encouragement:)

    abhay r somkuwar.

    May 10, 2010 at 10:01 AM
    Renu said...

    Hi abhay,

    looking at your knowledge about ew one could call you robert precher of indian market :)

    Renu

    May 10, 2010 at 12:18 PM
    Sujatha said...

    OOps...poor small trader.. closed early :(

    regards

    May 10, 2010 at 1:14 PM
    abhay r somkuwar said...

    aha renu and sujatha ji...elliott or not, iam zapped by the move...preparing for case III...lolz...europe bail out package jai ho!:)

    sujatha don't worry even i gave an early book profit call...taking profits is a feel good habit...picture is still that of a pullback...more opportunities would keep coming...and as long as we keep tracking and participating in it on the right side...

    regards,
    abhay r somkuwar.

    May 10, 2010 at 1:44 PM
    Sujatha said...

    Abhay,

    Dow is trading 10800 again.. this may be another up count, or time to exit..

    regards

    May 10, 2010 at 9:53 PM

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