>Nifty Update 29-05-2006
In my post on 29-May my preferred view was that the Wave A was over and we would start Wave C down after Wave B ends.
Looking at recent price action and momentum I think the earlier count would need some changes in coming days.
In the new count wave the 5th down of wave A may have ended at 2940.
and now we can see some B wave action on upside.
Again this is not yet a strong view and I am not able to take a confirmed view on either side.
- Even then the over all logic of trading remains the same as that used in a weak mkt.
- Sell at upper resistance and purchase at lower supports.
- Its not yet time to hope that price would go through strong resistance zone and make new highs.
- Over all larger trend remain down and we can again fall after some rise to eventually reach 2600 region.
Shall post charts when more clarity is there.