Despite this, and despite Index reaching within tolerance area to our target of 30500 (Nifty 9400), and PE touching “Bubble Territory”, Index still maintains “higher top higher bottom” formation since Dec’16, which defines an UP-trend as per Dow Theory.
Dow Theory, remember, is the most successful chart reading method in the entire history of Technical Analysis. Change to DOWN-trend will happen when we actually see a first set of “lower top lower bottom”.
Index is not only maintaining an UP trend, but is also seen retracing the “falling” segments in “faster” time. The 6-7 days long “b” & “d” legs were retraced in 2 days. The 6-day long “f” leg was retraced in 5, and the 11-day long b-leg of “g” was retraced in 3.
By NEoWave, completion of upward structure will be “suspected” when the rallying segments start getting retraced in faster time, and this is yet to happen.
Under the circumstances, for us to begin exploring -ve options, we require the current pause from the end of last week to stretch beyond 2-3 days. Else, we cannot rule out +ve efforts.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201752104345.asp
Dow Theory, remember, is the most successful chart reading method in the entire history of Technical Analysis. Change to DOWN-trend will happen when we actually see a first set of “lower top lower bottom”.
Index is not only maintaining an UP trend, but is also seen retracing the “falling” segments in “faster” time. The 6-7 days long “b” & “d” legs were retraced in 2 days. The 6-day long “f” leg was retraced in 5, and the 11-day long b-leg of “g” was retraced in 3.
By NEoWave, completion of upward structure will be “suspected” when the rallying segments start getting retraced in faster time, and this is yet to happen.
Under the circumstances, for us to begin exploring -ve options, we require the current pause from the end of last week to stretch beyond 2-3 days. Else, we cannot rule out +ve efforts.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201752104345.asp
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