January 6, 2015

Initial target for this correction

If we assume the fall in DEC was the "a" leg, then the "b" got over last week and "c" wave has started today.

If this view is correct, then "c" should atleast equal "a" wave... meaning that min target is 7800.

This will also mean 8000 has to be break - looks difficult given the fact that highest open interest is at this strike price - let us see how this support holds.

Fib projection at 1.618 times is at 7400 levels.

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