Indian Charts: Nifty Update

Tuesday, May 10, 2011

Nifty Update

Correction is taking its time as usual. Nifty should drop to 5400 levels but may be Not RIGHT NOW. I see downside Movement to 5470 to hit that blue trend line . And then UP again to may be 5610 to complete this 4th wave.

The current action can be checked in this 15 min chart .

Broken the rising wedge . Had been trying to touch the lower trend line but has failed till now. Strong support at 5525. The last good support at 5503. If that fails 5470 will come.

Wolfe Wave in the 1 minute Chart indicating target 5460 area..

Thanks.

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Words of WISDOM

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."

--Jesse Livermore

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Tuesday, May 10, 2011

Nifty Update

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