update on ew

since nifty spot has gone above 8100 and stayed, the previous ew count third wave down has been negated and 5th wave down deemed to have completed.
 but any breach below 8050 prev wave count valid with modified downside tgts.

my latest nifty ew counts 06th sep 2015

nifty futures chart

nifty futures.

eod price chart.

maybe moving in an expansion diagonal in a bull market.

current resistance zone, as marked by rectangle, and the supports and resistances offered and formed by the two trendlines as shown on the chart.

crude oil long term chart

monthly crude oil futures chart

 

 

crude oil broke below 95$/bbl and continued a sharp downmove.

 

crude oil futures may be approaching levels between 30-40$/bbl.

 

after bottoming out there a pull back expected.

 

mkt outlook 21st jan 2015

as said nifty reacted around resistance levels(refer previous posts) last time and came down and tested support levels, bounced from there and again came back to 8700-8800 levels now.

longer term support/sl for nifty 7850.

resistance around 8800.

if nifty stays above 8800-8850, expecting more upmove and the next resistance around 9250-9300 in the intermediate to long term.

short term support expected near 8600.