Retracement strategy, a must for traders.
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
-
I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
6 comments:
NIFTY Analysis for 10th Jan. 2012
Today market was grinding with little upward bias. But at the same time it was happening after completing flat correction @4695 from 4795.
In the absence of clear signal about direction of the market and giving weight to the intra day movement I am of the opinion that today movement from day low to day high is a 'x' wave since it is 62% of the down fall from 4795 to 4695. It means, the earlier leg 'abc' flat correction towards downward direction is connected by today's 'x' wave. Hence one more down side correction is likely and presently I am of the opinion this correction will be a Zig Zag one. Time being I will keep the down side target for this around 4680 and one may need to modify it after seeing the market movement of 10th Jan.2012 and it may be around 4640. On reaching the target of 4640 the market may move fast and cross 4800 swiftly.
Mean while, we will keep the following time consumption for our academic interest.
'abc' Flat consumed 15 Hrs. 15Mts.
'x' consumed 5 Hrs.
CONCLUSION
I feel Trade Set Up exists @4640 with strict STLP. If market opens above 4760 I feel there is a opportunity for taking Long position and in this situation 'x' gets invalidated.
Sir what is mean by st down
@Jayaraman,
It breached just a bit more than 61.8%. So, the X may be invalidated already.
@ Fire,
A BIT MORE, it has breached and at the same time it may be fraction of a percentage. Hence I feel it may still has validity.
At the same time your observation can not ignored.
Assuming it is not 'x'then the up movement of today need to be classified as 'a' if my assumption of 'abc' flat got over @4695. But today up movement personality of the wave is a doubtful candidate for Wave'a'. So by process of elimination I am constrain to think the 'x' is still has chance. Also I am not sure whether the 4% tolerance limit is applicable to 'x' wave.
Through this posting I request Illango Sir, to clarify the tolerance limit aspect of wave X. Illango Sir, if you can share you view on this wave count will be useful for my future reference.
Namaste Ilango Sir & Blogmates,
Range bound move for the last few days; Option Analysis for 09-01-2012
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
Reliance testing 20 SMA at 720.2 buy above 720
Post a Comment