share guru

Just got fooled with the randomness in the 15 min Nifty future chart in my earlier view . So looking into a higher timeframe as shown above Nifty has formed a typical 5-3 wave pattern with 5 wave downward impulse pattern ending near 4155 and 3 Wave impulse pattern ending near 4440 levels. This pattern will fail if nifty opens gap up above 4440

Now Nifty Future is likely to resist near 4440 levels so that elliot wave pattern in houly charts could proved right or Else resisting near 4500-4510 to form a typical head and shoulders in nifty daily charts.

Reason for the Bearishness is still the market leader reliance is lagging Nifty
When market hits historical circuits nifty closed near 4300 levels and reliance near 2450 levels. Later when market was dragging down from its high of 4700 to 4250 it is observed reliance is trading near 2040 and now nifty above 4400 but still reliance near 2000 levels. Clearly there is a widening of performance between Nifty and the major constituent. It also means that keenly it is not intrested in participating in the upmove.

Also trin is a good earlier indication in producing signals. But still trin is not in bullz zone(below 1).

Also check for the charts on hourly basis...means if the hourly candle closes above 4450 then it is sign of strength... ex check during the end of hour near 9:59:59 A.m or near 10.59.59 a.m or near 11.59.59 a.m. If nifty trade below 4440 in all the durations then it is a clear sign of weekness. There is also chance of testing 4500 levels in between 10:00:00 a.m - 10:59:59 a.m