A correction upto 2650 area in the next 2 days can adjust the "OB" technicals & will still keep the hopes of another attempt at 2800-2830 area.
Presently a sell is generated in the hourly but daily in upmode & the weekly in downmode.Nifty is quite close to the channel top but the vertical move of the last few days has set in a short term weakness that was evident today with some -ve divergences. Trade light for a couple of days.
There is a inverse H&S formation possibility with shoulder support @ 2675 and the neckline @2805.
As long as the channel is not broken on the upside around 2835 with a critical 2860 to be scaled, a fall ("E" wave of the ending diagonal)towards 2550-2500 is still to be taken into consideration.
Trade light for a couple of days.
3 comments:
respected sir,
I am new to EWT and learning,your blog has definitely helped me understand ewt a bit better..i just saw a chart on inditraders and will post the link here.Can you please clarify if it looks like a valid count..
thanks and all the best
http://img168.imageshack.us/img168/1374/58554496.png
hi
There are many EW possibilities for Nifty in the present scenario.
If a new down move has started from 2970, then 2970 becomes the "Invalid" point.
Trade the channels with TA "OB" & "OS" readings with +ve and -ve div to guide us through.
One more possibility is an ending triangle at 2540 to be conformed by a break past 2840 firstly and then taking out 2970. Invalid if 2540 is broken.
Best regards.
ilango
Ilango'sir...
Sincerely appreciate your time sir.
thanks and all the best.
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