Thursday, October 30, 2014

Uptrending prices enter "settlement day" with negative divergences, a perfect set-up for volatility..

ST weakness would manifest, if prices are contained below 8105-8120 and broke 2 hour lows.
Presently, all t/f technicals are in uptrend. Sustaining above 8115 would be an early indication  for newer high possibility.
Day has reached OB zone; only EOD would confirm a reversal with a minimum close below DHEma.
Hour has reversed after a brief correction & has uptrended reaching OB zone with -ve divergences...
Break below 8080, channel support/ Day pivot is a sign of weakness; Subsequently, if prices remain below resisting line at 8115-approx, weakness would persist, more below 8059.

10 comments:

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

D.S.SASAN said...

Good Morning Dear Sir, Bros. & Sis's,

Have A Happy Settlement Day.

Ganesh IC said...

Good Morning Sir & JN Family

Ilango said...

Bullish:
8083 8078 ... is 50%-61.8% retrace of the last rise from …… 8062 to 8103

80% is - 8070

If strength to return again, it should be around 8083 8078

Weakness gets confirmed Below 8078 OR 8070

anand said...

Good morning Sir.
A curiosity on EW labels...Pardon me if the question is wrong.
In case a new high above 8180 is made, would you consider that a part of 3rd only in above weekly chart ? or that would still be a correction (irregular type) in 4th wave ?

mynac said...

Almost 30% addition @8100 PE ,in first 20 mints.

Ilango said...

@ anand,

We observed a 3-wave fall from 8180 to 7724("A" wave) and stated that "B" wave could retrace any %, including 110%+.

Direction has been "UP" without breaching 2-Day low since the 7724 lows, making it easy to trail positions.

It is presently @ the resisting line, 8115 approx, drawn connecting last two tops of 8180 & 8161.

A move above this & sustaining 2 Hour lows keeps the strength going.

It has been cautiously long..

anand said...

Thanks a lot sir !
and as I am posting, I see 8115...

Sathyan.R said...

Thanks Ilango sir for your reply to Mr.Anand. Which cleared my doubt also.

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