Revisiting this chart to find Nifty barely managing to hold above this crucial trendline. Some interesting action should develop tomorrow.
Below is Nifty futures chart - broke below the trendline finally(Is this the final confirmation of the end of 4th wave for the 5th to show itself..!!). Tomorrow's price action of either a continuation or a getting-back to the channel will have a directional movement.
Break below 5220 should head to 5150-5165(Week low ema). For bullishness to resume, Nifty should start trading above 5260 and then 5290.5256 & 5262 are day-week pivots and 5213-the monthly pivot.
13 comments:
Ilango Sir, US market is rallying and unlike yesterday - all possibilities of ending higher - that means HUGE GAPE UP opening for ASIA and INDIA market. Your 5th wave theory seems to be bang on - 5400 is very much on the card - market has this tendency to surprise everyone and i think whoever has shorted NIFTY today are in for a little bit of trouble tomorrow.....i hope i m not wishful but there is a limit for negative ending as far as US market is concerned and since last 9 sessions it is ending in RED.....so today is the day
In fact, even EUROPE markets have sharply recovered (more than 50-60 points) and now on the verge of GREEN
"Various opportunists sell "Gann courses" and "Gann
software". They claim that Gann was one of the best
traders who ever lived that he left a $50 million estate
and so on. I interviewed W.D. Gann's son, an analyst
for a Boston Bank. He told me that his famous father could
not support his family by trading but earned his living by
writing and selling instructional courses. When W.D.
Gann died in the 1950s his estate including his house,
was valued at slightly over $100,000. The legend of Gann
the giant of traiding, is perpetuated those who sell courses
and other paraphernalia to gullible customers."
Taken from book of "TRADE FOR A LIVING" by Eleder Alexander
What he like to say that predicting market direction
is waste of time.
The markets world over look like following a simple pattern - W. Down one day, up the next, down the following and up again.
Will this end soon? I hope so, cannot trade meaningfully as long as this is in force.
You're right, if it follows the dow its up tomorrow, shr.
@ilango sir,
can you explain the relationship between 5EMA and HighEMA in tech table ? I mean, if close is above 5EMA and below HighEMA and other scenarios ? What does that mean ?
Thanks
-- gd
European markets in green after fall,U.S.market up almost 2%.Favorable condition for Nifty gap up opening, so Tomorrow if Nifty will cross 5320 within first 15 Minutes then we might witness 5400 by tomorrow itself.Ideal conditions for Bulls to take the revenge.Let us see tomorrow.
Wow!!! Dow going to kiss 10,000 mark.....So far DOW UP 234 points..........
dow crosees 10000 ...
will nifty sustain tommorow gap up opening
DOW Crossed 10,000 mark.......Wow!!!!
It seems NIFTY will be huge gap UP tomorrow morning and may open at 5300 to 5320!!!!!!!
SGX Nifty has started with a high of 5324.
@ Ilango @Yoda @RajaGopal and others
came across this Video of interest
www.smartfinonline.com/webinarvedio.zip
Boring in oratory, still technique uniquely interesting.
Thanks, alphabet1, I'll watch it before market open.:)
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