Thursday, March 13, 2014

Nifty's correction breaches "6487", but closes above it.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

We don't receive wisdom; we must discover it for ourselves during a journey that no one can take for us or spare us. - Marcel Prous.
A part of such a journey will unfold here and you'll discover all kinds of riches along the way.
It was a pleasant sight to see Dinesh Rishi and RajaGopal who have contributed immensely and triggered many enlightening discussions.
Prices have held within the 75 points correction-quantitative analysis-and poised for its "v"th wave.
"6487" would be a critical number and if it breaks, ivth continues to 6465-55, approx.
Prices held approximately the 80% of last rise from 6487 to 6546 and moved higher, managing a close above HrJnsar.
"6522" acted as a resistance during yesterday's trading; hence, sustaining the same is crucial for today's upmove.
The "v"th would take the prices to 6576 and if momentum persists to R1 of week, 6639.
Look at the Hour chart below: the uptrend is clear once the prices moved above 6107 and since then they have been making higher high and higher lows. The higher low making is called the corrections lasting 2 to 3 days so far and in price terms 45 to 75 points. Ones who have the patience to wait it out gets rewarded with the "Higher Highs". This is also called "Trend Following". Following does not require us to know the "possibilities or various scenarios".
And this is only the Hour chart; imagine the results by applying the same principle to week/ month charts for delivery based trading...
Boring stuff....Get Rich Slowly and Quietly...