Nifty Daily

After clear breakdown of 5200 levels indicates bearish for mid term as well as longer term also. so at this time i think falling pattern should continue till the levels of 4300 for mid term then near 3100 levels but before breakdown of 4300 levels we may see some kind of pull back rally.

NIFTY Daily Chart

As we see nifty is trading in between 5200 to 5740 levels and breakdown or breakout of either levels will take decision for the direction of nifty.

So at this point i am in two sides which one is bull --- where double bottom is near 5200 levels in daily chart indicates very bullish above 5900 levels . and if we r completing the ABCDE pattern in Broadening Triangle formation then we can see huge uptrend pattern after making 2 nd wave in ABC wave near 5400 levels for the tgt. of 6100 levels which is strong resistance point.

And another is bear----- if this is not ABCDE pattern as i indicated in chart so that wave may be 1st ( 5177 levels) and 2nd (5944 levels) wave and 3rd wave is running where 1st wave ( 5195 ) and 2nd wave (5737) has been completed in 3rd wave then the tgt. of 1st ----4300-4450 levels and 2nd ----near 3100 levels . if price line will break 5740 levels then bear pattern is false and breakdown below 5177 levels then more probability touch 3100 levels .

So i am just looking for these two levels to taking decision for further period. and Daily RSI chart indicates bullish as i think.

MCX Copper 4hr. chart

Copper is trying to go above 438.4 levels but seems to go down which can be C wave of 4th wave till the levels of 424-25 . but above 438.40 we will see more uptrend pattern after breakout from that levels . At this stage i am very comfortable to stay in buying side whether at this levels or near 424 levels.

NIFTY

As i told before Mkt. may move from 5560 to 5740 levels in short term .But at this time nifty
is trading near 5700 levels so we have to wait for the conformation breached above 5740 levels for the tgt. of 5920 and 6300 in mid term after completed falling wedge pattern which is sign of bullish as well as HH and HL trending method. Here at this stage i am very much bullish in Indian market rather than international market.

We may see ,Dow may touch 14000-16000 levels in this year without any big correction .

I think nifty may go up or down after breakout or breakdown happened from trading range is 5495--5655 . If nifty will go up then we can see 5750-5900 levels in few days as indicated in chart. Dow,S&P,Crude,Copper all are indicating bullish at this time so because of these factors i am very bullish on Nifty but above 5655 levels rather than short without touching 5495 levels . yes i will do short below 5495 for short term not for mid term view.

DOW fut.

At this time if i look on MACD indicator which is not going below 0 levels that means this is the 2nd wave of longer term 3rd wave. and if Dow cross above 12720 levels then go up till the levels of 14100 . which is strong Fibonacci Resistance . and longer-term 4th wave may be happened in ABC pattern which could be more complicated to trade at that pattern

NIFTY

Fall from 5740 levels doesn't indicate bearish pattern has been started as i think it should touch 5600 levels .if Nifty's price will break above 5740 levels then we could see huge upward rally till the levels of 5940-6180. But if i look on recent chart pattern where 5740 as strong resistance levels according to Rising dot dot trend line as well as Falling dot dot trend line indicates very strong to breach that point so at this time i am just on neutral if go above again 5740----then bullllll.

According Rising dot dot trend line where indicates strong resistance line . if nifty could not breach that trend line so we may not see huge rally in ahead as indicated in chart.