Charts for the Day

[anil_s_trivedi]

Nifty update:

Closing yesterday is a act of bulls to gather strength, but failed to close above 7530 zone.
Today to a close above it will required for bulls to maintain momentum.
ON upside, resistance seen at 7595-7600 levels. Closing above this by bulls will indicate bulls intentions very well.

As short & intermediate momentum on hourly is still up but long term flattening down.
So ascertaining weakness levels are 7530 below and 7520 confirmed by.

Remember this 7515-20 is now acting more like pivot zone for price as of now. So watch it closely.

 

[anil_s_trivedi]

Nifty update:

5min Futures charts clearly depicts third time test of 7566-70 levels...and whats more another pin bar third time...watch closely...action coming in..

 

[anil_s_trivedi]

Nifty update:

Closing was good one and above bulls targets area of 7590-95 levels.
My daily SAR was at 7635 but closing was still below it.
Anyways, now upside resistance at 7690-7700, remember from where we cracked down.

Tomorrow, on 5min need to hold off, 7605-10 levels. Also such days required good follow up, by sustaining above previous days high.

Closing on 5min below 7580 not good for bulls.

Momentum wise:
Daily:
Short - Down but still flattening
Intermediate - Down and flattening
Long term - down

Hourly:
Short - Up
Intermediate- UP
Long term - trying to move up, now in flattening state

As two trading days left for weekly closing, bulls will pressed hard to close above crack down level of 7690-7700, to showcase strength of trend going on. Else bears will come here and will press for closing below 7500-10 our launch off zone.

As, i repeatedly told yesterday, 7415-25 marks crucial support zone on higher timeframe, current rally is sourcing form same levels. So any upward failure will ensure retest of that levels and even breakout on downside for 7000 levels. This is on big picture.

Right now, we will see nature near 7690-7700 as its a crucial zone, and failure will prompt a selloff from same levels. On downside, will watch holding 7580 for further upsides. So nature of rise/correction at these levels will give us further clues, for what may be next in store...

 

[anil_s_trivedi]

Nifty update:

Approaching 7690-7700 zone.
Keep alert.
Weekly closing above this is good for bulls. Rejection from here will give suitable reply from here on...

 

[anil_s_trivedi]

I am not a fan of patterns. but what i see posting it.
Experts may suggest its validity...

 

[timepass]

I am not a fan of patterns. but what i see posting it.
Experts may suggest its validity...

Yes, it looks like a WW. Volume spike at points 3 & 5 will strengthen the belief.

 

[tradersumo]

-----deleted
Sorry wrong thread

 

[umesh12]

I am not a fan of patterns. but what i see posting it.
Experts may suggest its validity...

Anil Bhai
Yes, This is a bearish wolfe (-ww)

But I want to modify (Hope you wont mind it)
Then please take next HH in your chart (next peak between point 1 and 2) as point 1
And in your chart, point 5 has not formed. Though it was formed in next candle, (not in the chart).

I am also posting my chart for your reference.

NIFTY Bearish Wolfe Target 7620

BTW, i may add that I regularly use wolfe for my trading, but of late I have found that the success ratio of these wolfes has went down drastically. There were many wolfes in yesterday's and today's NF chart but hardly 3-4 met their targets.

Even at yesterday EOD there was a -ww, though today it opened gap down, triggered the wolfe but reverted mid way and failed to meet the target by big margin.

Let us see, whether this wolfe meets its target of 7620 on Monday or not.

 

[anil_s_trivedi]

Anil Bhai
Yes, This is a bearish wolfe (-ww)

But I want to modify (Hope you wont mind it)
Then please take next HH in your chart (next peak between point 1 and 2) as point 1
--------
----------

BTW, i may add that I regularly use wolfe for my trading, but of late I have found that the success ratio of these wolfes has went down drastically. There were many wolfes in yesterday's and today's NF chart but hardly 3-4 met their targets.

Even at yesterday EOD there was a -ww, though today it opened gap down, triggered the wolfe but reverted mid way and failed to meet the target by big margin.

Let us see, whether this wolfe meets its target of 7620 on Monday or not.

Dear umesh,

Thanks for the correction. Actually when i posted that chart. I am anticipating 5 point to be completed near to 7690 levels. Thats why i posted
it.

And yes, pattern trading in itself raises doubts atleast to me. As the validity of pattern and backtesting results doesnt give much faith. But when you combined studies you get good results. This is the whole purpose.

Like, yesterday, if one is to count EW, then almost '5' waves got completed from recent low. combined it with that -ve WW pattern near to 7690-7700.
Also my higher timeframe price action resistance zone which i am expecting since start of week is exactly same that is 7690-7700.
So for shorting aggressively that was perfect zone. Mind you i am using word aggressively here, bcoz there is nothing which can tell whether it got completed there.

Its all probability which imposes faith in our ability to take such trades.

Thanks...

 

[insider]

Tata Steel looks good on all timeframes - daily, weekly and monthly. After crossing its 540s resistance now the stock should do very well upto 645-650.

For long term positions 530 is the stop loss.

Disclosure - holding it from 490 levels.