Nifty : Overbought & Stretched !!
The Nifty has made 16% rally in last 3 months without showing a major correction similar to what DAX & SPX500 have been doing !!
But a similar pattern has emerged -- A spurt to higher side after consolidation and then a correction !!
On the other hand, SPX500 seems to be in correction mode ( Wave 4 ) whereas Nifty is in Wave 5 !!
DXY is about to make a U-turn within a week or so by touching a low of 98.70 ( correction wave 4 )!!
None of the signal is clear -- Nifty is heading higher without a correction -- FII's are in buy mode -- SPX500 looks in correction mode -- And dollar index is just preparing for a final home run !!
Will Buy Nifty once it corrects to meaningful levels of 8550 for levels of 9300 to 9500 !!
But a similar pattern has emerged -- A spurt to higher side after consolidation and then a correction !!
On the other hand, SPX500 seems to be in correction mode ( Wave 4 ) whereas Nifty is in Wave 5 !!
DXY is about to make a U-turn within a week or so by touching a low of 98.70 ( correction wave 4 )!!
None of the signal is clear -- Nifty is heading higher without a correction -- FII's are in buy mode -- SPX500 looks in correction mode -- And dollar index is just preparing for a final home run !!
Will Buy Nifty once it corrects to meaningful levels of 8550 for levels of 9300 to 9500 !!
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