The targets of both the WWs posted at Nifty 19 August 2013 : At a Critical Zone was met and in doing so Nifty has already breached some crucial LT supports. While the general trend seems to be changing, the path of the fall is not likely to be straight.
The weekly chart below shows the crucial supports / resistances of TLs and necklines. It is very clear that the red TLs are providing support near 5250 and any rise will find stiff resistance near blue TLs close to 5650-5750 band. The lower neckline near 5050 (shown in black) could be the final target for this fall.
The hourly chart below shows a WW, which is nearing completion and is ready for launching the target leg. The target could be 5790+. The possible fractals and EW counts are also annotated on the chart. 5793 is the max achievable by this expanded flat as shown. Resistances to watch out for are at 5340 and 5400. If these are re-claimed by bulls, 5790+ should be a piece of cake.
The weekly chart below shows the crucial supports / resistances of TLs and necklines. It is very clear that the red TLs are providing support near 5250 and any rise will find stiff resistance near blue TLs close to 5650-5750 band. The lower neckline near 5050 (shown in black) could be the final target for this fall.
The hourly chart below shows a WW, which is nearing completion and is ready for launching the target leg. The target could be 5790+. The possible fractals and EW counts are also annotated on the chart. 5793 is the max achievable by this expanded flat as shown. Resistances to watch out for are at 5340 and 5400. If these are re-claimed by bulls, 5790+ should be a piece of cake.
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