Red wave a of D most likely ended just above the ideal target at 1,276, with its test of 1,277.70 and we are now working on red wave b of D.
Short term I would like to see this red wave a move a little higher to just above 1,298.57 and thereby break above the reflex point confirming that red wave a did indeed end at 1,277.70 and red wave b now is developing. The ideal target for red wave b is in the 1,334 - 1,348 area, from where we should see renewed downside pressure below 1,277.70 for a decline towards 1,180.
We broke out of the channel which is a first good indication that the move up is underway. I would have liked a nice price action pattern to catch this up move (didnt catch the down move, was a bit too hesitant and then gold dropped like a rock :-) Let's see how it unfolds.
ReplyDeleteplease update on UNITECH...it is traded on nifty in india and currently at rs.14.90.thanks and regards....rajesh
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