If the top is in, it should soon break below the trendline @ 5415 and move to test the 20 sma @ 5350+.
The micro wave count has 2 possibilities both pointing a short term top.Below is the top @ 5453 and the friday's high as a part of the corrective's irregular 'b'...this is bearish.
Below shows the truncated 5th high @ 5466 being made at the open today. Though bearish, it has the possibility of "ii"nd or "b" wave attempting closer to the highs.All these analysis will become invalid on a move past the Friday high.
First sign of weakness with a close below "Day high ema"(Nifty could not go towards it throughout the day) which will require some follow up close below Close & Low emas(both getting closer too).
8 comments:
Nifty Technical view
Lets wait and see in which direction Nifty breaks the trading range shown by two blue dotted trend lines( 5350-5460).
Historically Nifty has faced selling pressure whenever nishant’s oscillator has moved near 40 level , the same oscillator is not supporting the Nifty’s up move above 5380. This is warning alarm for bulls.
The red trend line of the channel in the long term Nifty chart (shown at the end of this column) or 5550 level may act as supply zone if Nifty continues marching upwards.
Moderate to hight risk in fresh long term (1 to 3 years) investment.
As the charts suggest trading below 5405 leads the bearish trend while trading above makes bullish trend for it. But if the Nifty trade above 5405, then could it manage to sustain above this level?
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Sir
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sir,
chart in today's pre-market view - last arrow shown in Red towards the destination 5420.. i believe that chart was made due to "abc" correction in mind as you did explain later as below..
// If this is a normal "abc" correction in the uptrend,
a = 5475 to 5435
b = 5435 to 5465
c = 5465 - 40 points comes to 5420
The correct SL for any Longs is 5408 //
can't we consider today's close as "abc" correction is done and still the uptrend is intact and might resume from today's close?
मैंने बहुत कोशिश करके पहला हिंदी कमेन्ट दिया! प्यारे बाला को थैंक्स देना चाहूँगा की उसने एपिक ब्रोव्सेर से परिचय करा दिया जो पहला इंडियन ब्रोव्सेर है! धन्यवाद् बाला.शुभ रात्रि!
@ assortz,
It is one of the rare occasion that the 4th wave has come so close to the 1st wave top with a margin of 1 point. I expected to see an 'abc' correction but the market did an 'abcde" correction.
Market's action was within the plan but the last fall was not in the plan.
This is one of the instances that "well laid out plan" was not followed to the last detail.
As we did the last time, we should take an aggressive long at the open if Asis is +ve with a TSL of 5408 and play this likely move towards 5485-5500, provided it moves past 5445.
Asia opens up. SGX up +26.
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