The last support holding - week low ema(4347) likely to crumble tomorrow.
Hourly macd into negative and it triggered in the morning with the gap down.
Nifty Future chart clearly shows an island reversal and a break of 4358 may target 4100 roughly.
Monday, August 17, 2009
Nifty to break 4360..after an Island reversal.
The customary retracement for the 4727 - 4359 fall was quickly dealt with in 2 days and Nifty poised to break 4360 in its "c" down or "3rd" down..targetting 4100 odd..
The last support holding - week low ema(4347) likely to crumble tomorrow.
Hourly macd into negative and it triggered in the morning with the gap down.
Nifty Future chart clearly shows an island reversal and a break of 4358 may target 4100 roughly.
The last support holding - week low ema(4347) likely to crumble tomorrow.
Hourly macd into negative and it triggered in the morning with the gap down.Nifty Future chart clearly shows an island reversal and a break of 4358 may target 4100 roughly.
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
6 comments:
sir , any target to cover 50% puts[aug] and balance puts.pl reply
Hi..Saravanan,
Nifty has a possibility of going down initially to 4100 if it breaks 4350-4300 zone. Being highly volatile with such huge moves in each direction, taking big profits partially is a good idea. However, let us calculate some targets....
A= 4727 to 4359 = 368 points
B= 4359 to 4614
C= 4614 less 368 = 4246(If A=C)
So that is our first target.
Another way: There is a huge H&S pattern at the top in hourly charts with 4360 being neckline and the head being 4727(Height 367 points). Ideal target on a break of neckline is 4360 - 367 = 4000 or lower.
We will keep updating it daily. Let us wait with our positions till we see some + ve divergences.
Best regards.
ilango
Hi ilango,
I am sajal.Have you gone through my posts in VFM these days. I have once again identified nifty moves before it actually happened --- like break of 4460 will lead more downside.But I am getting no acknowledgement from anyone as I am no TA,just a trader who depends just on his eyes.
I am thinking not to offer anymore analysis in VFM in future. What do you suggest?
With warm regards,
--- sajal.
Hi..Sajal,
I visit VFM less these days as there are too many threads and the focus seem to be missing. However, I know you for a long time and you have been doing a good job of understanding the market.
The moment you start expecting acknowledgements from your readers, your focus shift subconsciously and that is not good for your progress, though acknowlegemnts are a great booster.
As the great speculator, Jesse Livermore, said you are right as long as you make money in the market. All the rest don't really matter.
One of the biggest problems facing the traders is their need to be recognized or acknowledged. Shed this desire and become incognito for your own benefit.
Post your views as though it is a public diary of yours for your reference and let others benefit as an incidental act.
This kind of balance of mind with lesser emotions when observing & posting the market behavior will bring you & others a lot of good.
Share your knowledge always and it increases manifold, only to share more.
Best regards.
ilango
Ilango Sir,
My Best Wishes and Regards to You as well as to Sajalji. Keep up the good work.
Thanks
ttthakur
Many thanks, ilango,
I have asked about my internal queries to the best person I have known.
Wishing you all the best.
-- sajal
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