Thank you sir for your guidance today. My homework during weekend is to study corrections.
Sharing obs and some thoughts1.day prices are making wicks at the sloping upper res line of the multi year triangle.2.momentum oscillators are diverging and gushing down.Macd near trigger.3. Last 5 day candles are having long upper wicks and when added together forms a shooting star doji ( although near the close of the preceeding big green candle).(acceptable bearish reversal as per steve nison)4.doji of last 5 candles range 6116 to 6252 is 135 pt of which todays body is 10 pts approx with upper wick of 98 and lower 25.Great looks for a shoo star.5.from swing low 6033 to high 6252 we have a perfect doji open close at 6145.Exactly at 50 percent of the last upmove.FinallyWe have had a blistering uptrend and perfect combo recipe of Strong uptrend of past at highs at resistance a perfect bearish doji with oscillators falling with divergences. Traders advise to sell at such points.With jnsar whips and ending on the red side are we sitting on the precipice of reversal ?
Namaste Ilango Sir & Blogmates, (Bearish to Neutral: Weakness prevailed for the second day in row with the Bears adding huge at 6200CE, and now a new all time high in this series fading away fast though support still exists at 6100 level…: Option Analysis for 25-10-2013Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal
Till sept monthly closing is below jan -high (6112). Will it happen in oct too?
@ Deepak Pinto - Nice observations, but OI level in the last week matters a lot. I feel the index will not( rather cannot!) go below 6000. :-)