As per the developing scenario and NS not giving confirmation of downward momentum by closing above the DLEMA 5617, should we now ABANDON the target of 5541.5587 was anyway achieved.....
@ CDG,Month close keeps the monthly momentum intact with a comfortable close above MHEma.(5604)Week remains in uptrend but presently in a sideways mode.The correction that started from 5815 was expected to reach 38% initially and "if weakness persists", it could go towards the next crucial support @ 50DSma-5545+.Hour TA displays some +ve div in rsi and is attempting a reversal which needs to affect the day TA tomorrow.Nifty in a consolidating range- you may call it a flag. BN touched the "flag bottom today" but ended below its DLEma.Within this flag consolidation, the possibility of another low still exists. Market could decide to reverse from today's low too. These are two distinctly clear possibilities. Hour TA points to the latter while the day trend points to the former.Below 5590-97, a new low possible; Above 5660, a reversal is most likely.This is the most objective possibilities for the next "two days".As stated earlier, only a break below 5500 would call for "most bearish scenario" which has diminished with a healthy monthly close.Always remember to follow your studies though an occasional failure should not deter you from "following".
Dear Ilango,Thanks for the explanation. that was very comprehensive indeed and well understood. Have a nice evening ahead.Regards
Sir, very objective analysis,one statement "week in uptrend" not understood as week t/f in sideways.
@master@CDGwhat about 4th wave generally (NOT A RULE) breaks the trend line before reversal?little greedy for remaining part of shorts!!!!!
@Anmpatelthe only thing i can say about 4th wave is that they can retrace a maximum of 0.618% of 3rd wave and not more. and finally the 4th should not overlap in any case with the top of wave 2nd.All in all the maximum of 4th can be projected till 5450-5460 which is far far below and now very unlikely to reach over there. Though possibilites still exist (as clearly explained by Ilango above). thanks and Regards
Thanks a lot for the detailed explanation / perspective.
Dear sir,nice objective analysis,"week in uptrend" not understood as weekly t/f in sideways mode.
Very Nicely explained Sir. Noted in my Rule Book.
Namaste Ilango Sir & Blogmates, (Bearish to Neutral: No follow-up selling was seen today, is it a lull before the storm or the Bulls are creeping back in, they need to do much more to humble the resurgent Bears, tomorrow maybe the decider…: Option Analysis for 31-10-2012Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal
dear sir does the nifty day with macd chart tell us of a fast rise possibility if the lows around the current levels hold your green arrow also indicates the same. many thanks again
Sir,remarkable details in jist !!but 5540-44 has to come so its still sell on rise till objective is met
I posted my analysis in JN group. Those who are not in JN group my see my analysis in my blog. Wish You All Happy Trading
Thanks a lot Jayramanji!Many Many regards!!!!