Technical: Jeera Unjha- Near Term Correction Possible

Dated 12/01/2017

JEERA Unjha – Last Close-18200 : Near Term Correction Possible

Correction in near term is likely to happen unless immediate breakout and close above 19600 in sustained basis is witnessed.

Correction towards 16900 and 15200 is likely to be seen with volatility as long 19600 is not crossed.

Wave c of Wave ii structure could be in progress.

Conclusion

For near term to short term correction is likely to be witnessed to 16900 and 15200 from where reversal from correction can happen.

Once correction is complete a rally for Wave iii will resume which can take prices higher to 21500 and beyond.

Correction prices from medium to long term point of view can be for accumulation as long as 14000 is not violated in time to come.