It looks like the hour technicals are nearing "OB" area. If it makes another high, a correction is possible.
The following chart is based on an EW expert Mr.Mustaq Khair. (http://www.shareanalyst.com/newsletter.htm). I did some time analysis and it falls on 26.08.09 10.00AM for completion of "F" leg.
5 comments:
Hi Ilango.
Based on your assessment of the 7 Legged Diamond; are you indicating that starting 26th we will be heading upwards. For tomorrow as well are we going to continue the upward movement?
So, do u mean to say is "F" leg is still open? If so, if market opens @ higher levels shall we go for short and 26th onwards again upwards?? i.e. "G" leg.., if it is "G" leg means what will be the approximate target
Kindly clarify... Thanks in advance.
Regards
According to Vivek Patil, a move above 80% ret level (15716/4652) will be considered as starting of "G" already. Though NS touched this level, Sensex didn't. That means 'F" leg is still open and the only question is whether it will go down to 14300/4240 levels as predicted by Vivek Patil.
Best,
Dear Ilango,
As per famous EW Tech Analyst,Vivek Patil of www.vivekpatil.com ,"G" of diamond should finish @ 16700.
Regards
Hi..All,
I have been observing this diamond diametric of both Vivek patil and Mutaq Khair for some time. Their labelling is slightly different. And I have been labelling it as simple "abc" only. My knowledge on diametric is very little. But I did some time calculation of "B" to match for "F" as Mustaq khair has pointed out and it falls on 26th Aug 10.00 Am. And also the form of "F" sofar developing like the "B".
Purely as per this analysis, Nifty should head down as the last part of "F" leg which might coincide with weak Asis, roll over and a pull back for the sharp rise from 4353 to 4656 and overbought hourly charts.
We can apply the "ORB"(Opening Range Breakout) in the morning to confirm the intra direction.
Lets keep both Bull & Bear possibilities in mind to avoid any surprises.
I will post more in my Pre Market views around 9.15-9.30 AM.
Best regards.
ilango
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