....Our upside target was nothing but NEoWave pattern implication for breakout from the Neutral Triangle as we showed on the chart above. It is roughly 75% ratio to its largest leg, which was the “D” leg. This target calculated levels of 30500 (Nifty 9500), i.e. a new high for the Index.
Last year, based on the NEoWave pattern implication for the Triple Combination inside the “D” leg, we had calculated 25000-500 as our downside target for the “E” leg. We, later, said that Dec’16 low of 25718 was within 5% tolerance allowed under NEoWave, and accordingly, we turned +ve from Dec’16 onwards.
.......
In any case, this month’s high of 29146 is already just 4.5% short of 30500. Therefore, the question is whether the expected “g” leg, or the last leg of the post-Dec16 Diametric, would lead to a major top for the market this month.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201731410376.asp
Last year, based on the NEoWave pattern implication for the Triple Combination inside the “D” leg, we had calculated 25000-500 as our downside target for the “E” leg. We, later, said that Dec’16 low of 25718 was within 5% tolerance allowed under NEoWave, and accordingly, we turned +ve from Dec’16 onwards.
.......
In any case, this month’s high of 29146 is already just 4.5% short of 30500. Therefore, the question is whether the expected “g” leg, or the last leg of the post-Dec16 Diametric, would lead to a major top for the market this month.
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201731410376.asp
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