Nifty Daily chart:
Sensex daily chart shows that Indian markets have been following 69 days Time cycles very well. The intermediate term picture for next few weeks till last week of August can result into a bullish trend and the rally might last till 19900 – 20000 levels, after which a correction can start taking us below previous low marked as A near 17500.
Nifty daily chart has counts in sync with Sensex. Last week’s Thursday’s low failed to break below the previous low near 5497 marked as (a) and we might have completed a c failure pattern on Thurday’s low. A failure pattern has implication of strong movements in the opposite direction that is up since prices even failed to complete the pattern and is in a hurry to go up. However it is too soon to conclude this bullish behavior will ensue into intermediate trend till 5900 and we will wait for further confirmation above 5700. But a steep rise on Friday forms a strong bullish reversal pattern and so odds now favor bullish outlook over shorter term. Any movement back below 5550 will again indicate wave (c) is still ongoing.
To save from this whipsaw and randomly movements one can wait for 5700 to be taken out on upside for bullish outlook till 5900 or 5550 to be taken out on downside for bearish move till 5400 – 5450 levels!
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Dear Mr kyal, These things are so complex and obscure to easily fool the crowd. I find all these rubbish , while browsing the list of worlds richest people, i didnt get a single technical analyst. and just a few people following fundamental analysis like warren buffet.rest all of them were entrepreneurs, hard working people, doing real work rather than wasting life speculating after numbers... follish morons..., DO U KNOW W.D. GANN died bankrupt? and Elliot is so subjective befitting every situation.
ReplyDeleteThe only person making money is insider and the government not the aam junta who wants to get rich quick...without toiling.
No analysts were awake when nifty touched 2200. Wont simply buying index bees at 8-10 multiple and simply holding till 24-25 multiple make money? Thus avoiding any risk of stock not performing contrary to index or company getting bankrupt etc example.. suzlon, rcom, unitech etc.
lets help clear the foolish noise of randomness.
what do u say?