Saturday, July 25, 2009

Brooklyn Bridge - Monument of Love or to a "Never say Die" attitude..?

In 1870, a creative engineer named John Roebling was inspired by an idea to build a spectacular bridge connecting New York with the Long Island. However bridge building experts throughout the world thought that this was an impossible feat and told Roebling to forget the idea. It just could not be done. It was not practical. It had never been done before.

Roebling could not ignore the vision he had in his mind of this bridge. He thought about it all the time and he knew deep in his heart that it could be done. He just had to share the dream with someone else. After much discussion and persuasion he managed to convince his son Washington, an up and coming engineer, that the bridge in fact could be built.

Working together for the first time, the father and son developed concepts of how it could be accomplished and how the obstacles could be overcome. With great excitement and inspiration, and the headiness of a wild challenge before them, they hired their crew and began to build their dream bridge.

The project started well, but when it was only a few months underway a tragic accident on the site took the life of John Roebling. Washington was injured and left with a certain amount of brain damage, which resulted in him not being able to walk or talk or even move.

"We told them so."
"Crazy men and their crazy dreams."
"It`s foolish to chase wild visions."


Everyone had a negative comment to make and felt that the project should be scrapped since the Roeblings were the only ones who knew how the bridge could be built. In spite of his handicap Washington was never discouraged and still had a burning desire to complete the bridge and his mind was still as sharp as ever.

He tried to inspire and pass on his enthusiasm to some of his friends, but they were too daunted by the task. As he lay on his bed in his hospital room, with the sunlight streaming through the windows, a gentle breeze blew the flimsy white curtains apart and he was able to see the sky and the tops of the trees outside for just a moment.

It seemed that there was a message for him not to give up. Suddenly an idea hit him. All he could do was move one finger and he decided to make the best use of it. By moving this, he slowly developed a code of communication with his wife.

He touched his wife's arm with that finger, indicating to her that he wanted her to call the engineers again. Then he used the same method of tapping her arm to tell the engineers what to do. It seemed foolish but the project was under way again.

For 13 years Washington tapped out his instructions with his finger on his wife's arm, until the bridge was finally completed. Today the spectacular Brooklyn Bridge stands in all its glory as a tribute to the triumph of one man's indomitable spirit and his determination not to be defeated by circumstances. It is also a tribute to the engineers and their team work, and to their faith in a man who was considered mad by half the world. It stands too as a tangible monument to the love and devotion of his wife who for 13 long years patiently decoded the messages of her husband and told the engineers what to do.


In spite of Roebling�s inability to supervise the work, his wife did excellent effort, she was so involved in the project, that she was the first person to ride across the span during the opening ceremony while president Chester Arthur and New York Governor Grover Cleveland followed Mrs. Roebling. This was the greatest gratitude that the citizens could give to the Roebling family.

The names of John Roebling, Washington Roebling, and Emily Warren Roebling are inscribed on the structure as its builders.

Perhaps this is one of the best examples of a never-say-die attitude that overcomes a terrible physical handicap and achieves an impossible goal.

Often when we face obstacles in our day-to-day life, our hurdles seem very small in comparison to what many others have to face. The Brooklyn Bridge shows us that dreams that seem impossible can be realised with determination and persistence, no matter what the odds are.

Even the most distant dream can be realized with determination and persistence.

Friday, July 24, 2009

Nifty closes the week firm with a weekly break out.

Weekly channel has been broken on the upside..4400 becomes a major support for weekly.
Nifty, just about, managed to close above the "Hour High Ema", thus keeping the momentum "up" in all time frames. Supports are rising fast. So either Nifty has to move higher soon or break below these supports. As larger trend has turned firmly "UP", barring some minor dips, the upmove should continue..

Though moved past the "4560", Nifty did not push higher inspite of Big gains in US mkts.


Trending up firmly.
If Nifty sustains 4514, on Monday and moves past 4580, it will move higher towards 4640-4695.

Price has been stalling @ 4560-4580 zone throughout last week. Upsides only on clearing this level decisively. A consolidation upto 4510-4480(Or Lower) may be possible.

Nifty's Moves Ahead.

10.05AM: It looks as though a consolidation is on. Trade accordingly as per the "Alternative view".
**************************************************************************
As per our own technical indicators, weekly turned up last Friday and after an intra week's correction on Tuesday towards 5ema(4380), Nifty has bounced back to head towards previous top of 4693 and higher...
As long as the larger trend is in "up" mode, hold long positions & create longs during corrections. Once some -ve divergences develop in daily alongside Hourly, partial profit booking may be done. Until then ride this wave.

Alternate view:- Nifty can spend a day or two of consolidating at 4460-4580, before heading higher.

Thursday, July 23, 2009

Nifty consolidating @ 4380-4560.

Today, Nifty gave a down to up trading as expected but with an extra push.
Depending on external cues & results-events, the correction may continue for a day or two or move higher..Trading band is 4360-4380 to 4560-4570. Break out is above 4570.
Nifty moved up sharply, corrected intra and headed higher..Now, the momentum is back and the supports are rising.


Direction is firmly up in daily EOD technicals..
A correction is on since yesterday's top @ 4558. In the "b" wave, that top can be violated & Nifty can correct lower too. At a cross road here..

Maket could spend a day or two consolidating here before moving higher.. Positional longs may continue to hold with a Sl @ 4350 to be raised to higher level once Nifty moves past 4560 decisively.

Nifty's Moves ahead.

As there is a 5 wave down is completed(Provided 4385 is not breached @ the open), a counter "abc" up move is expected with resistances @ 4445, 4470-4480.A down to up trade here.There is also a possibility that Nifty can reverse sharply from either 4445 or 4470-4480 levels.Keep also this option that Nifty may hit 4470-4480(Instead of 4445) at the open and pause and head higher to 4510.

As daily trend is intact(Staying above 5 ema/avg), Nifty can continue to move past 4480 to 4510 also.So My S&R will be @ 4510.A down to up trade here..

In sum 4385 - 4510 is the deciding levels. In Between, Trading the lows and highs.. Main trend being "UP"(Daily, Weekly)

Wednesday, July 22, 2009

Nifty completes a 5 & reverses with a 2-day swing reversal

Channel resisted, now to seek supports @ 30d,dma(4300) or 20 dma(4280)..
Nifty is below all "High Emas" indicating loss of upward momentum..Now to seek supports at the "Low emas".. Only a close above the "high ema" will bring back the momentum. Until then sell above these "High emas" @ 4456-4461.

Just a thought..If it does what the left shoulder has done, it can go to 3800..!!! But I will not project that far...Let me see how 4280-4320 area holds in the coming days.. More weakness only below 4380.

Watch this Hourly macd set up...While price was getting higher since opening, macd kept below the trigger line(Red) and that is an advance warning of stretched technicals and an impending reversal.. It was very swift and kept everyone busy...

A 5-wave structure ended @ today's high. Correction is on by breaking the channel at 12.30 PM and it was swift..Never miss the reversal points @ 5th..as well as "abc". If trades above 5 ema(4380), it can do an intra rally towards 4445 or higher.

Nifty's moves ahead..

Preferred:Let us assume that "a first break" of the channel be treated as completion of 4th wave and a "5th" wave to unfold today to take Nifty higher. Remember, also, that once the 5th wave completes (4600 or higher), we will head lower towards yesterday's lows in an "abc" correction.

Alternatively, Nifty can continue its pause for one more day by trading in the same zone and then head higher.

"SS"'s Internals suggests continued strength.


At 9.50AM:The Parallel channel(Pink) resistance comes @ 4550.

Tuesday, July 21, 2009

Nifty pauses to gather strength..

A mild pause..Rising 5 DMA is the likely support for tomorrow.
10.00AM close below "Hourly High Ema" set the "Correction mode" for the day. A mild one. Watch the support levels rising.


Daily trend is firm with supports rising by the day.
macd sets in a correction. Blue(21hr @ 4425) & Red(35 hour @ 4390) may offer supports.

We have two possibilities: "abc" structure will have corrections upto 4390-4410 or lower dn to 4350 before moving higher. "5" wave structure goes higher immediately upto 4550-4600 area before having some corrections.

Nifty's moves ahead

If we look for a=c, then the target comes at 4589. There are resistances in the zone of 4525 - 4595. A correction is due which can take a maximum down to 4350..or 4410.
Positional can continue to hold with a SL below 4340.

As discussed earlier, US $ Index heading down for the 5th wave while equity markets are moving up for the 5th or "C" up as a terminal in this uptrend.

Monday, July 20, 2009

Nifty continues its climb with improving TA..

Slow macd into +ve area. "Budget day High of 4480" crossed in shorter time. Look for resistances @ 4625-4695 area..
The final "weekly High ema" also scaled today.. Any corrections may be bought into. For positional, 4350 may be a SL on close basis.

Macd..smooth transition into +ve area.

No weakness is visible. many stocks are undergoing corrections for the past 3-4 days as a 2nd wave or "b" wave..


A smooth follow up for the break out..Any pull backs to be bought into..