The main point to be watched in the chart is - price candles are in rising channel, but macd is in down slope channel, and even rsi is not so trendy with price channel.These are not good signs.
Yes its not but the whole trading community is scepticalSo reverse logic rewarding
http://tradeinniftyonly.blogspot.in/2014/08/nifty-confirms-larger-4th-wave.html"This widespread global selloff is too early to write off bullish setup.....read more above"Hope the alert helped and reinforced the confidence to not conclude the set up on 1st August as part of Larger Correction.All the best and happy trading!!
Namaste Ilango Sir & Blogmates, Bullish: The PE writers are on steroid, with huge addition now at 7900-7700 Level, Holding 7800, more highs possible, but stay cautious at higher levels as the index is in unchartered territory..: Option Analysis for 18-08-2014Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal
Dear gkm223,Partly agree with you.i.e.Due to Hrly.overbought condition intra day correction is need of the hr.....nevertheless,another good gap up opening would have the potential to nullify that effect in first half.Would like to see the real tussle,if any, in second trading half only.