NIFTY SPOT

NIFTY SPOT

Falling Channel pattern is in ABCDE wave which is 3-3-3-3-3 wave that indicates price may pull back after touched 4400 levels in ABC wave method for at least 3 months as i think. But started new bullish trend in Dollar is confirming to Equity market may continue lower low that means if price will be achieved my higher price tgt. ( 5400-5500) in ABC wave method and then fall below 4400 levels which means free fall for the at least 1 to 2 years in nifty , may be below the 2009 year's low .

I think nifty should trade in between 4400 to 5400 levels for 3-4 months then will be decided for longer term TREND.

USDINR, EURUSD, COMEX GOLD

USDINR

EURUSD

 

 5 wave may be completed near 53.50---54 levels in USDINR which indiactes fall in ABC wave pattern , that will be help for equity market in future to grow but Nifty should touch 4400-4500 levels very soon according to me . if it happens then most probability to add more buying position in Equity market near 4400 levels for at least 3months then see free fall. Same thing as like USDINR in EURUSD .

COMEX GOLD

After broken down below previous low 1665 levels indicates down fall may be continue till the 1600 levels which is Fibonacci strong support point and H&S in RSI indiactes also down fall where 1620 is a good support levels on monthly chart.