Monday, September 8, 2014

Nifty,holding on to key averages, regains its lost momentum...

A 5-wave upmove may have started from 7422 or 7540.
Accordingly tentative targets are (as per 1=5 with 1 as 5933-6777=844):
7422+844=8266  OR
7540+844=8384.
Remember that the tentative labels in shorter t/f are highly fluid and hence, we should adjust the labels as the new price pattern emerges.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices attempted to move closer to channel bottom/ 34 Hr sma to complete the hr correction around 8055(Low made 8050) before reversing.
Hour 9-rsi has completed the correction while the Day 9-rsi is reversing in overbought zone with week showing a -ve divergence at the top in "macd chart"(confirmation by this week end).
Prices suggest of
a) the minor (v)th unfolding from 8050 with two likely targets -8135, 8154.
b) the minor (v)th completed at 8123 & a correction has commenced.
And hence, one need to follow the prices with a trailing number(for the rise from 8050).
With the "Trend losing momentum in day t/f", prices could get sold around 8127-36.
Bearish scenarios open up only below "8055".
If the sub-waves play out as per the tentative labels, the minor (v)th could reach closer to 8135-54.
Remember, these are tentative labels in shorter t/f which are highly fluid and we should adjust the labels as new price pattern emerges.