With the movement of today market has clearly stated that move from 5077 onwards is a new formation and as per which
Wave a = 5077 - 5215 = 138 wave b = 5215 - 5159 = 56 Wave c = 5159 - 5245 ( Under progress ?).
The possible target for 1. Wave c is 62% of a ( 5159 + 86 ) = 5245 OR 2. Wave c is 100% of a ( 5159 +138) = 5297 OR 3. Wave c is 138% of a ( 5159 +190) = 5349 OR
As per the above market exactly reached 5245. By tomorrow morning market may moves towards 5297 / 5349 by giving small corrections. If it fails to cross 5250, market is entering in to a major correction mode. In case market reaches 5350 caution is required since it is one of the major resistance area for couple of years. The chances are high for market to give gap up opening and reaching 5350 in the morning session.
CONCLUSION
If it is Gap Up Opening wait for 5350 and initiate short @5350 with Strict Stop Loss Price of 5370.
If it is Flat or Gap Down opening, wait for a day for the market to resolve the direction since substantial gap down opening may be a signal that market is in reversal of current trend.
There was no reason why someone [for positional] would want to take a short position when all the three JNSAR numbers are below NS.
This is what I call as going against the rule... and I have seen, going against the rule and trying to outsmart a system does not yield consistent results. Just my thoughts.
8 comments:
Good Evening Ilango Sir and Blog Mates,
Trade Plan for 2nd Feb.2012
With the movement of today market has clearly stated that move from 5077 onwards is a new formation and as per which
Wave a = 5077 - 5215 = 138
wave b = 5215 - 5159 = 56
Wave c = 5159 - 5245 ( Under progress ?).
The possible target for
1. Wave c is 62% of a ( 5159 + 86 ) = 5245 OR
2. Wave c is 100% of a ( 5159 +138) = 5297 OR
3. Wave c is 138% of a ( 5159 +190) = 5349 OR
As per the above market exactly reached 5245. By tomorrow morning market may
moves towards 5297 / 5349 by giving small corrections. If it fails to cross 5250, market
is entering in to a major correction mode. In case market reaches 5350 caution is
required since it is one of the major resistance area for couple of years. The chances are high for market to give gap up opening and reaching 5350 in the morning session.
CONCLUSION
If it is Gap Up Opening wait for 5350 and initiate short @5350 with Strict Stop Loss Price of 5370.
If it is Flat or Gap Down opening, wait for a day for the market to resolve the direction since substantial gap down opening may be a signal that market is in reversal of current trend.
Which charting software are you using? I am using NSE Stock Screener to shortlist stocks for my trade.
Dear Unknown ur comment is really nice but so
contradictory. If this is an eminent level blog why
will anybody need "share tips." Dont u agree?
If u have tips is it not logical to work those tips on
ur own capital and grow rich?
Just a thought. Thks.
There was no reason why someone [for positional] would want to take a short position when all the three JNSAR numbers are below NS.
This is what I call as going against the rule... and I have seen, going against the rule and trying to outsmart a system does not yield consistent results. Just my thoughts.
strategy means not planning in a set of established conditions,but rather reqires quick and appropriate responses to changing conditions..SUN TZU.
Namaste Ilango Sir & Blogmates,
Todays rally was based on short covering, Bears are covering at every dip; Option Analysis for 01-02-2012
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
Baltic Dry from 2150 to 680.
as per falling wadge breakout target what will be price?
Second closing above 200 DMA today required follow up tommaorw ?
will nifty able to break weekly channel and monthly channel ?
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