Tuesday, March 18, 2014

Nifty, getting OB in day T/F, attracts profit booking while holding 6510.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices completed a 4-day correction @ Wk.pivot-JNSAR(6426-41 @6433), also @DLEma-DLEma-20(6445-6425) besides the (4)th wave touching the bottom of the rising channel and reversed up swiftly as in a (5)th wave.
It, then, completed a 5-sub-waves and started a minor correction towards the close on Friday.
For the day: It either continues "that" correction, keeping below 6540 and staying above 6486 OR
it impulses up breaking through 6540 & 6560 to new highs as in the "iii"rd wave of this (5)th wave.
In such a scenario, the "i"st being 6433-6518=85; hence, the "iii"rd would be a min. of 85 from "6498" (or if low is made in the first session) & a higher target of 85 x 1.618=137. (6583-6635).
Trading with discipline helped;
Trading methods helped;
Elliott wave helped;
Technical Analysis helped;
Trendlines helped;
Trend Following helped;
JNSAR helped;
Reading oscillators correctly helped;
Trend assertion helped;
Falling wedge helped.
Didn't it..??