Bulls, Bears & The Lion

[findvikas]

Looks like its getting away... let it go in its own way and see if Nifty trade below 4930 by 3pm and pick 4900,4800PE..

 

[findvikas]

and there you go.. below 4930.. everything looks all set but let it confirm by 3pm

 

[findvikas]

So many Hugs and Kisses to the 4930 mark but its already got unhook from the trending line.
I see a little rebound in US markets today as well as they have NFP data tomorrow, and ideally they should sell off SPX again around 1115 or even 1120.

1122 is a critical mark and SPX tried but failed to close above that mark since past 2 months which happen to be 50% retracement. I am riding only the waves now and a bigger fall is quite apparent to me

 

[bloodmoney]

Welcome back Vikas!! Missed all your Running commentary on Nifty 1min charts NF is hovering around 4930 levels.. Seems to be very critical level for closing today.. I got a couple of 4700 puts @ 38 and long on NF from 4870.. What would be your call on my position..

 

[findvikas]

Thanks.. I do not see it quite critical for a daily close as the pattern was in 5min chart and completed its target... see a crazy example of how a wave can retrace after touching the target... coincidentally this was also on a 5min chart

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BTW.. you got a good hedge there... Feb could be very interesting if its able to touch down my level 4670-4640 a 8-10% recovery can be expected within Feb itself to close around 4950-4975 levels or even above 5000

I am expecting negative US Payroll numbers tomorrow which should give a heavy sell off in US markets, I am negative on USD for short term and to support that stance I see Gold correction to complete for short term and an intermediate bounce in GLD as well.

Talking about SPX, we are now correcting the downward move and we are close to entering the range for a completed correction. A move above 1130 would make me question the bearish view and a move to a new high would mean we are still in uptrend (I am highly skeptical of this occurring though).

 

[bloodmoney]

Whoww!!! That was a killing retracement on AUDUSD pair. As you said lets watch out for DOW and SPX today and tomorrow. Hope for the best...!


Take care

 

[findvikas]

Yes, treat the wolfe waves like a stone thrown in the silent water which first make the wave to opposite and comes back in the same direction... remember seeing a drop bouncing off the water levels ? and then calm waves goes back to the initial direction...

 

[pshirurkar]

Thanks mr findvikas for this useful thread .

 

[findvikas]

Good morning guys... I just came to work and checked the Nifty for first time.
And here is the update on how Nifty looks from what I said about the retracement

 

[findvikas]

Keep an open eye on 4870 which could prove to be fatal and can be a precursor for 100% retracement all the way to 4818

I am talking about SPOT, as I always do... Future has already traded below 4870 so that could be an indication that 4870 will be breached in Spot... just an indication