Thursday, September 4, 2014

Nifty Pre-Market View.

Protecting the "i"st wave high(8022), this upmove made new highs.
Both Hour & Day 9-rsi are in overbought zone with week showing a -ve divergence at the top in "macd chart"(confirmation by this/next week end) and hence, one need to follow the prices with a trailing number(8015/7980).
Prices are trending up in the middle part of the channel.
With the "Trend" intact, prices would continue their trending ways by holding 8041-65.
Bearish scenarios open up only below "8037".
Immediate minor resistances are 8124 & 8134.
We have tentatively labelled the sub-waves of the move from 7540.
The 5th wave may have started from 7422 or 7540.
Accordingly tentative targets could be (as per 1=5 with 1 as 5933-6777=844):
7422+844=8266  OR
If the sub-waves play out as per the tentative labels, the minor (v)th could reach closer to 8160-80.
Remember, these are tentative labels in shorter t/f and we should adjust the labels as they unfold while trailing our positions with the last rise which is from "8007".


marina s rao said...

GM Master & Blogmates.

Wish all Long Life, Good Health, Peace & Wealth.

Bharat Kumar said...

@ Ilango Sir - Just one minor query. If this is the (iv)th wave from 7862, would'nt it cut the channel joining at 7939(targeting somewhere around 8000) and then come back? I have seen this rule of yours working numerous times.

DNSHUKLA said...

Good Mng Sir and Friends.

SUBASH M said...

good morning sir...

venkatapathy l said...

Namaste Ilango Sir and blog friends


Bhavir said...

Sir yesterday's drama looks more like expanded flat to compete minor iv from 8007... Holding yesterday's lows

Ganesh IC said...

Good Morning Sir & JN Family

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