With Asian markets "UP", the expected profit booking of shorts @ 4380-4420 may not materialize.
For the "Shorts" that are already created @ 4630 & 4571, hold the same with a SL @ 4660.
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 ...
7 comments:
Hi..Rajamani,
"I am reproducing the reply here"
1. Weekly momentum is lost with "OB" readings.
2. 5-Day low broken, slow macd turned down, stochastics on the way down.
3. Most importantly, the aggressive trade has not been able to capture the big swings and so i decided to book profit and resell @ higher levels. My original level of reshort was @ 4550 but I changed it to higher @ 4580-4600 as there is quite many resistances( as per hour, min chart).
4.This way the SL for the reshorting will be reasonable.
5. As for weekly chart, we are still in buy on dip as long as we don't close below 5-week avg (4413 or 5 week ema @ 4470).
6. Lastly as long as we hold 4380-4420(previous swing lows), a reversal is possible.
Best regards.
ilango
sir...it looks like sgx nifty was taken for a ride again...there is no great follow through for this gap up...lets see if market gives us chance to close shorts...thanks for your timely updates...
Hi..Shaq,
My initial reshorting level of 4550 came in the morning..It looks as though the profit booking level of 4380-4420 may also come.(Atleast a 4450).
When we are in downtrend, the positive overseas cues are always an opportunity to sell. It proved right today too.
Best regards.
ilango
hi ilango ji
thanks a lot
regards
rajamani
indeed we have nearly seen 4420 sir...the bears have managed to wrest control..and the levels are working nicely..
I hope the positional "Shorts" have locked in / booked out their profits closer to the target area.
Though "No buy Signal" is indicated, "Oversold" nature calls for "Profit Booking".
yes sir...profits have been booked...thanks for guiding with a real time usage of levels..
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