Tuesday, October 8, 2013

Nifty Intraday Update-I


24 comments:

ak said...

@prabhanshu
thanks for the levels

Ilango said...

A 5-waves done from 5982 to 5913.

Prabhanshu Raman said...

Parminder.. my understanding, this is not correct pattern for inhs. Your neckline could be shoulder and right neck is yet to built. Neckline may be from 6033
my understanding and may be wrong

Double top target achieved at 5915.

ak said...

index making lower highs and lower lows

Prabhanshu Raman said...

Sirji. . It was quite tough test today. Please suggest your preferred ew counts. From chart, you marked 5982 as 2 and another at 6044 (aprx). What price action week confirm/negate that 2 is done at 5982?

sarvesh sharma said...
This comment has been removed by the author.
Raghavendra said...

@ Prabhanshu,

A close below Day low EMA ( 5850 ) also coinciding with Week Pivot would be a good reference.

Raghavendra

sarvesh sharma said...

@Ilango sir,
can we count 5 wave from 5866 too? or from 5826? my counts are confused..can you please help? i am of opinion that a probable 3 wave done from 5826 or may be from 5866 ...this was 4th in 5 waves down and final 5th is pending..please clarify your count.
thanks and regards

Ilango said...

@ Prabhanshu Raman,

A 5 waves done at 5913. Hence, break of 5913 would be bearish.

A close below 5931 would be initial bearish signal for ST.

A fall below 5886, 61.8% would likely negate the 2nd target. More so below 5857, 80%.

Ilango said...

@ sarvesh sharma

I state here whatever I see & perceive. It need not be the correct one but it is my "obvious one".

Who can correct or validate your labeling?

- Only the market.

sudharsan said...

Master considering weekly trend which is up....how should one approach if nifty close below 5931???
will it be a sell on rises???

sudharsan said...

Or will it be considered as pause???

anil said...

Any one suggest bank nifty movement today ...
?

prakashbkc said...

GA Master,

There is clear -ve divergence in HrSlow Macd, 14 hrRSI, 5D, HrFast Macd, 9 hrRSI . Is this sufficent indication to take short call on nifty?

Ilango said...

@ sudharsan,

Weekly trend is "UP" BUT it has lost its upward momentum with a close below WHEma.

Hence, the prices are not able to make much headway in the lower T/F, the day. Prices rallied this far from 5701after a close above DLEma on 01st Oct, followed by a close above DEma & DHEma.

If prices close below DHEma, it would make the ST(Day) in alignment with MT(Week) and bearishness would return.

There are two distinct supports:

Rising 34 Hr sma(5868) aligning with Hour channel.

Cluster support @ 5811-5826.

Bigger falls get confirmed below 5810.

Ilango said...

@ prakashbkc,

Critical resistance-5970 coincided with "5974", 61.8% of the fall from 6143 to 5701.

And it coincided with Hour weakness.

You make an intraday short at the 1st target by EW-"5979".

Now you must watch the retrace towards ....

38%-5939
50%-5948.

Strength above "5956 or 5968".

At present, bull & Bears are locked in an equal tussle. A weakness signal from Day T/F will tilt it to bears. Non-signal will keep bulls alive to reverse the weekly "loss of momentum".

shriram said...

--> back

wonderful to see this Sea of Orange :-)

shree said...

again towards new low.....

shree said...

NF..5977 crucial..

Karthi Keyan said...

"correct labeling or obvious one".Now sub wave a,b c in on wave 2 achieved 61.8% 5980,78.2% 6020. Major top will for Bollinger view 6046 & c=a 6070,Then Wave 3 will start.

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