June 27, 2017

Neowave outlook on markets

....Sensex itself showed “Inverted Hammer” like candle on its Weekly chart. A decisive weakness & close below its bottom would be considered as -ve follow-up to the bearish pattern.

All in all, it looks like “g” leg has been a substandard up-move as compared to previous up-moves of “a”, “c” and “e” legs. Price-wise, “g” so far measures only about 500 Sensex pts against 1000 Sensex pts achieved by the previous up-moves.

....

The internal lower-degree development inside “g” can be checked on Intra-day chart, as per which, the fall of Thursday-Friday can be marked as the possible lower-degree d-leg of such Extracting Triangle.

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