Nifty witnessed a PARABOLIC rise today. 5DLEMA has gone way above the Longer 10DEMA
The Long trade has delivered 5140-4740 = 400 pts !!!
Further upside does exist (since we may be in an EXPANDED FLAT) as:
A: 4639 -5100 = 460 pts
B: 5100 -4532 = 570 pts
C: 4532 -5127** in play shud do min 1.618xA = 740 pts = 5272
Within the C,
we may have finished the 3rd wave as:
C.1 : 4532 - 4801
C.2 : 4801 - 4588
C.3 : 4588 - 5141
If indeed C.3 is over, we shall head lower to ruffly 38.2%x550 = 220 pts lower to 4920
Resistances for ST: 5170 - 5195 -5210
Pls note SMO SAR does not INDICATE any DOWN TREND for now !!
cheers
SMO
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