Sunday, March 13, 2011

Nifty

I've been looking at this chart and wondering what's developing.

Putting forward my thoughts here - While the wait gets longer the fall gets steeper. So for now it seems like the market is in limbo.

There is a potential gartley with targets @ 127%, 161% and 188% (5600, 5650, 5700) - You can go long here with a SL @ 5402.

There are smaller bearish WW's which can take this market down to 5300. So trade with a small SL - 5445 (risk 40 points)

Reward 100, 150 & 200 points.

After which targets for this Gartley would be 5330, 5250, 5170, 4975

The larget WW would take this down to 4750 in April - May