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.


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.


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).

Read more at http://content.icicidirect.com/ULFiles/UploadFile_201773103511.asp

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