While reading through the comments, beaware of the "Calls" being given out by other readers - know in advance the time to wait for the targets, stop losses (whether you are willing to risk this much money on a trade), the weightage of the observations as reflected by the prices and above all "Know your Time frame of trade - Hour/ Day or weeks and whether you are willing to have a SL as per such a T/F". Why this alert..? Though the reader may give away the calls, they may not be around to monitor it for you or urge you to book profits or exit. You have to do it confidently. Markets have a way of "freezing" even the professionals with its sudden changes. You simply trade your plans.
It is darkest before dawn and it is very bearish before a reversal. The bearishness witnessed wasn't so severe like a med. term bearishness but like a short term bearishness. Accordingly expect the reversal too to last in that much intensity & time until proved otherwise.
Tech table shows you what trend is currently on. Presently, the day trend is up with momentum but the weekly downtrend has only paused. Bulls would attempt a close above 5555 and accordingly an attempt towards 5555 is likely. A close below Day High ema will put the market back into a sideways mode.
13 comments:
Very valid points ... sir.
if one aspires to be a technical trader, one has to identify
his strong technical indicator(s) on which to rely and then
be devoted to it. After that when you start following your
beloved indicator & pure price ... you get what sir is saying
"the pulse of the market".
Nobody can simply predict target, it's always money on the
table. Book and re-enter.
Regards,
Rajib
@ Ilango
Thank you sir. But for your repeated warnings I would made myself an ass. Fortunately, you are there. Nowadays I have learnt to read what others say and ponder. But act only on TT and your advice.
Thanks and regards,
LV
@ankit solanki--
----------------------------------------------------
My basis for writing about a 600 point rally in nifty is on
account of various factors.
5177 remains d most imp factor. price vol action dat happ at
when v made the low of 5177 is very imp.
taking it out wont b
so easy.
-------------------------------
why do u say so?
experience in the market is enuff to tell that markets tend to
break general perceptions. a break out above 5900- 5950 resistance
would then be termed a "break out". Where the novice enter,
while smart money adds on to more shorts.
------------------------------------------------------
it is a bear market and market shud form lower highs
and lower lows. crossing 5944 will break that pattern.
market fools every one from smart to retail. MARKET
FOOLS EVERYONE IN THE MARKET. U AND ME BOTH. like lot
of smart guys were fooled by yesterday and today's
reversal
now if a person knows how will market fool , the how will
it fool?? there are hundreds of ways market can fool
and u mentioned one way. and u r very confident
this view of scaling 6000 is against logic
of bear market which is making lower lows since
november 2010
and to couple with that charts,
daily +ve divergence and
the ew count.
as per my study 6000 on the way and
from there a big
wave down breaking 5177.
----------------------------------------------------
this question how can ew help u arrive that market
will go to 6000 remain unanswered. daily divergence
moves market as per its strength . pls check chart of
sbi to see how daily positive divergence cant bring a
high. better still when silver travelled from 30000 to
74000 pls check its chart how many times the daily
-ve divergence failed. divergence cant be used to predict
the quantum of rally or fall.
@PS,
"Maybe its too soon, but can Elliotist friends say if this CAN be the C up of the larger B? Was looking at the monthly charts, fantasized a bit."
I hope nobody took my "fantasizing" seriously. EW is always only a reference to me, due to its subjective nature, just as you said today. Only TT is objective, hard reality.
Sujatha said...
Piyush - for you "counting upset" for me "calculation upset" if at all 5177 breakes. If it holds no probs not much change in my "calculation" :)
May 27, 2011 2:10 PM
@ Piyush - me too with that no.thanks for not "kicking me out from here" anyway my "foolish calculations" are always "ready like fast food"(one handful of method)
@ Fire - mail sent. check. G8 summit lifting DOW??
Interesting O.I. data for June 5800 CE
On 23rd May, Monday, O.I. for above said CE was around 20 lac and the price was around 12 Rs. Today on 27th May total O.I. is 54,04,800..huge 34 lac addition and the price is again 12 Rs. Only. Out of 34 lac 27.70 lacs are added today itself. Between 25th & 27th May it travelled between Rs 7 & 13. Does this abnormal addition indicate any hidden clue? Because FII are net buyers in Index futures for Rs.1000 CR and Rs.1650 for Index option today..
Just for JN family info --
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@ fire
i feel the cup and handle u say might not play out.
if its a correction of 5944-5329 it shud rally and
break 5329 in few weeks.
the rally wudnt reach 5944.
sir has mentioned 5944/5605-5328 retrace yesterday
premarket. after bullish action yesterday i think
5944-5329 retrace is what we are in.
@suj
who am i to kick out anyone? u r much more senior
and knowledgeable than me. but my views slightly differ
from urs .i feel 5177 will break soon( in few days)
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