July 3, 2017

Noewave analysis of market

...The question, therefore, is whether the larger rally from Dec’16 has also ended as a Double Diametric, OR Index is just forming the 2nd x-wave, after which 3rd Corrective could move higher.

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Friday’s action formed a Thrusting Line Bull candle, suggesting some recovery effort due to “oversold” condition, as shown by the Oscillator we always show on the initial Daily chart.

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Coming week could be all about “follow-up” to Friday’s candle. As we said, holding the lower Yellow channel line could mean that the current fall is possibly the 2nd x-wave or its 1st part, and holding lower Yellow line could help Sensex open its 3rd Corrective upwards.

For opening +ve options in the fresh week, Index must protect Friday’s Low of 30680 (Nifty 9448) and then strengthen as well as close above Friday’s High of 30965 (Nifty 9536).


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