Wednesday, March 21, 2007

2 steps ahead of the market still??

wave a up of B from 3556 low - 3800
wave b down of B from 3800-3570 ish
wave c up in progress
bearish count, only short under 3840
initial target gap fill till 3760 then lower depending on how the gap up area behaves.

aggressive traders will short near 3860 nf upper end of gap down for a gap fill
I'm tempted to wait for 3900

Just a note of caution
in 2004 wave B up did 70% retracement

corresponding level reads 4032 nifty right now

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