Everything you ever need in life exists within you.

The most popular and endearing of the many books that L. Frank Baum wrote was "The Wizard of Oz." While the myths and legends regarding the origins of the book and its many interpretations continue in almost every culture spanning the globe, some poignant lessons provide strong spiritual insight. Ultimately, the Wizard of Oz taught Dorothy and her crew that "everything she ever needed in life existed within her".

The piercing and sometime menacing look into the crystal ball of our own psyche, offers us opportunities to examine aspects of our life which are within our reach and accessed by the willingness to make new choices.

Dorothy set out on a journey fraught with danger, fear and the unknown. Much like Dorothy, we encounter our own travails of adversity as we travel on a whirlwind through life. While we may never encounter flying monkeys or a forest of unhappy trees, life continues to hurl obstacles at us to both divert our attention away from our true spiritual path, or to force us to stop and observe the strength within we muster to carry forth into the unknown.
Someone To Rescue You
Throughout her adventure, Dorothy's only goal remained consistent - to find her way home. In the good witch Glinda, she found a useful ally, only to later add to her cadre of seekers other characters along the way. Each with his own misfit malady, the solution for each dilemma purported to belong to the Wizard of Oz. Increasing their belief in his powers as the journey intensified, we see the quartet toggle between victimhood and empowerment.

Nifty took a pause in the impulse move down this week.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

There are two trade set ups possible based on the current price positioning.
Nifty is below JNSAR @ 5240 & J10SAR @ 5262.
Nifty is below WLEma @ 5220 & MLEma @ 5242.
Nifty is above DLEma @ 5126.
Nifty has been attempting to move above DEma @ 5174.
So you have the ranges:
Support @ 5126.
A pivot above which strength and weakness below @ 5174.
Resistances from 5220 onwards.(5240 being JNSAR)
When in doubt, stay out or Hedge.

Nifty continues with its lower highs with selling pressure closer to 5200.

A redrawn channel shows a break out of the channel and weakness as it happens with "end of "iv"th wave and start of "v"th wave. The confirmation of the same comes with a fall below 5100 & 5085.(Refer the "JustNifty TA(12)" file for more charts)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty PreMarket View

WLEma-5220;MLEma-5242; DHEma-5251 coincide with multiple recent highs made recently at 5205-5229.They remain strong resistances. We suggested 5175-95 as selling levels in Premarket which is based on earlier two lows 5177 & 5196.
Minor supports are one of recent lows 5054 & recent lowest close 5072.
If "iv"th wave has completed, "v"th wave should make new lows. A complex "iv"th wave could continue to unfold if either 5050(5054) or 5000(5011) is held - meaning continued trading in 5000 to 5200.
When a downtrend is on, it is always sell on rises till one trade gets stopped out.

Nifty has been finding "5200" hard to conquer since the last gap down below 5325.

Nifty PreMarket View

As per the EW label, the (iv)th wave is on which is a corrective upmove for the fall of (iii)rd wave which measures 5552 to 4946 and the retracements are:
38.0% @ 5176; (Almost done yesterday @ 5166).

50.0% @ 5249 (Likely to be done today& coincides with the recent high @ 5229)

61.8% @ 5321 (Coincides with the gap left @ 5324)

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Watch the resisting "Red Trendline-Supply Line"...Prices-demand should outstrip that line-supply convincingly. If not, the slide will continue after a "Pause for 1 or 2 days".

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Short term (Hour TA) has reversed yesterday. A likely zigzag of (iv)th wave targets:

a: 4946 to 5166=220 points

b: 5166 to 5012=154 points(70%)

c: 5012 + 220 = 5232 (Coincides with 50% retrace & the recent high-5229.)

WLEma & MLEma are 5220 & 5242.

Nifty exhibits intense bounces off the lows last 3 days but maintains lower highs.

DIAL - 022 61550789 to put away the corrupt politicians...sorry the "Commission Agents".

DIAL-022 61550789. The call gets disconnected immediately as it would be treated as a "Missed Call" and a message will be sent to you acknowledging your support for JANLOKPAL BILL.
Thank you, Kumar.

Do it now..If you believe in it.

Nifty PreMarket View

Just as you play the "Bull market's uptrend", play the "Bear market's downtrend".The only major difference being the degree of patience required. Bears make it happen quite faster.
As reminded earlier, once a fundamentally shifting phenomenon happens(Downgrade confirmation), Big money just sells most first and then asks questions. And they are selling now.
We really do not know where this will stop...each can throw a number & some one can claim to have predicted it but the most important thing to do is to keep selling on rises till one trade gets stopped out.
There isn't a single bottoming formations or indications........Even an Hour positive divergence hasn't developed.
The intensity of the fall makes micro labelling challenging & at times misleading.Let us wait, then, for macro labels with divergences.
How many truly understood the meaning of "More weightage to Higher T/F TA".These are once in 4 years opportunities. Make the most of it.

Nifty, with larger trend down, getting sold at every rises.

Respect the higher Time frame - Month & week's technical set ups. The falls measures differently commensurate with the T/F.

Nifty PreMarket View

The Low emas of all time frames would align in descending order at 10.00AM which completes all the downtrend signals. It could generate a bounce better than the Friday's one from a new low & HOLDING ABOVE either 4990 or 5050.T R A D E.
TREND REMAINS DOWN ONLY.
There is a confirmed shift in fundamentals with the confirmation of US debt downgrade.More such downgrades may emerge from European countries.
Let us read the prices objectively as per each Time Frame and base our Trading decisions and if in doubt, stay out.