We expected a 5-waves to get completed around 5120 this morning. Normally when a 5-wave gets done, a rush for reversal should unfold. It bounced upto 5159, DLEma at that time but lost momentum.
We also had the contingency plan that timewise the low should be made in the morning around 5120-25. And when highs were not coming, a pattern of contracting triangle was unfolding and once 5125 broke, it impulsed down despite being in the oversold region.
We also had a view that the first target would be 5125-60 and Nifty held 5142 for two days and once broken, the second target anticipated was 5034-38. If global cues remain negative, 4985, golden ratio would be tested.
Nifty's week TA had a fast fall set up as per last Friday's close. It will get negated only on a move past week's opening.
1. JustNifty TA(16.11.11)
17 comments:
Sir, mail sent -kindly check
@ Satheesh,
your contribution by way of sharp observation such as the "Contracting triangle" at 1.00PM, followed by a "Fast fall scenario breaking 5135-45" subsequently should have benefited our readers immensely.
This collective sharing will result in not just earning for the day but a great learning experience to all. More exposure to markets...more objective study we undertake..more independent we become.
I take that lesser participation from old timers is a testimony that they have become quite independent and some of them have graciously stayed back to "SHARE" their experiences like you do.
I am grateful for such a participation from readers.
EW study in smaller T/F is a challenging one. Having an alternative plan helps. Your impulsive scenario is in the reckoning and you know the invalidation point.
Sir,
JNSAR of Sun Pharma for 15.11.2011 was 504.34 and previous closing was 510.8. Today, the stock made a low of 502.6 and closed at 504.85.
Does this mean that one should SELL Sun pharma at 504.34 and carry the short?
Further, CURRENT (16th) JNSAR is 504.13 i.e. above present closing price.
Please help me understand JNSAR trading of stocks with the above example.
Thanks in advance.
Thanks for your views sir. It always keeps me going on the move.
Is nifty hourly "falling wedge mode"??? anybody pls
tks n advance.
regds
From charts,its very clear that @2PM when Nifty started to trade below 5127 ,which was the Biggest High volume trade price since morning ,it slept very fast & furiously with Big volume up to 3.30..& two Big volume trades are @ 5065,which is now weekly developing LEMA.Huge PE writing @ 5100 CE indicating resistance from here so it shall be very interesting tussle tomorrow when Nifty is oversold and Monthly 14 D suggesting pause for the fall at least for a while, if there shall be any… Let us see.
Namaste Ilango Sir & Blogmates,
Option Table has last support at 5000, will it hold, below that 4800; Option Analysis for 15-11-2011
Duplicated at Wordpress Site
Thanks & Regards
Dear Ilango,
In 16/11 TA file,Monthly data not updated.
You are requested to do the same.Thanks in advance.
Sujatha Avl.,
In the case of falling wedge the Trend line converge
like contracting triangle. AT present case I am unable
to see that pattern. It appears @5324 - 5257 it was
forming but I could not foresee the implications.
However I would like to share the following;
@5160 to 5012 =148 L( The vertical length of the triangle)
when market fall has taken place a contracting triangle has
taken place and completed @5038 and there on the upside
movement has taken place to 262% and similarly today
market completed the contracting triangle @ about 5142
the down side movement has taken place to the level of
5052 which is about 35(L)X262%= 92.
AS per above logic the down side movement is arrested at
current level. Also presently the market is very much
at Over Sold Zone.
Sir / Seniors familiar with Triangle may guide me on my
above observation. Whether the above phenomena can be
called Non Limiting Triangle.
I have started blog for trading exclusively options.
My analysis also showed today fall.Thanks for
for more refinements.
Link to my blog is in my profile.
happy trading friends
@Sujatha
It may be a pennant with touch points 5200, 5317, 5140,
5222 whose target implications is 5030.
@Sujatha
It may be a pennant with touch points 5200, 5317, 5140,
5222 whose target implications is 5030.
@Sujatha
It may be a pennant with touch points 5200, 5317, 5140,
5222 whose target implications is 5030.
Mynac,
Thanks for your analysis. I share the following EW Cals,
Wave a = 5400- 5202 = 198
wave b = 5202- 5326 = 124 ( around 62% Ret.)
wave c = 5326- 5052 = 274 ( around 138% of Wave a)
GM dear Ilango sir & all blog mates
new bee on d block. learning from ur analysis.
pl keep teaching.
Thanxs
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