June 12, 2017

Neowave outlook of markets

...So, if now the upward leg “e” leg is over, the question is whether the downward “f” leg would also consume a total period of 5-8 days and drop closer to the top of “c” leg.

In other words, we may watch if the downward “f” leg consumes 2-5 days more from here, time-wise, and if it drops closer to 30712 (Nifty 9533) which was the top of “c” leg, price-wise.

...

Friday’s action itself looked significant because it initially broke the 5-day lows of 31172-98 (Nifty 9630-40), but as Bulls came in at lower levels, it avoided any decisive close below the 5-day lows.

As a result, Friday’s action formed into a Thrusting Line Bull candle, which can open sideways to +ve options on further follow-up strength & close above its Head at 31290 (Nifty 9676). That could prove challenging, as the initial cues appear -ve as we begin trading a fresh week.

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