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[rajatheroyal]

Nifty pulls back to the neckline (which is normally used to add ur short positions)and again resumes its downward journey.I have circled the reversal which turns to a 5 minutes head and shoulder pattern.
http://img258.imageshack.us/img258/1870/niftycf0.png

5 minutes reversal
http://img135.imageshack.us/img135/3223/houroq0.png

 

[rajatheroyal]

Nifty breaks the important 3800 mark and goes to the low of 3200 to find some support and pulls back to 3700 which becomes the next lower top.Then it could not sustain there and againg goes to test 3200 which could not hold.Break of 3200 means much more downsie left.
http://img216.imageshack.us/img216/9329/71888585la6.png

 

[rajatheroyal]

After taking out 3200 mark nifty plunges to the low of 2250(no one could have imagined nifty would do so soon.)Now nifty says enough is enough and decides to reverse.If we see the day in which nifty made 2250 low it is a long legged doji.We know doji is a sure sign of indecision.The bears have already given whatever they have and now they seem to be tired.
http://img135.imageshack.us/img135/4629/dojiij0.png

 

[rajatheroyal]

If we tune the long legged doji day to a 5 minute chart we can see a head and shoulders bottom which clearly shows that the bulls are showing resilience.
http://img523.imageshack.us/img523/4922/24032895nt9.png

 

[AW10]

After taking out 3200 mark nifty plunges to the low of 2250(no one could have imagined nifty would do so soon.)Now nifty says enough is enough and decides to reverse.If we see the day in which nifty made 2250 low it is a long legged doji.We know doji is a sure sign of indecision.The bears have already given whatever they have and now they seem to be tired.
http://img135.imageshack.us/img135/4629/dojiij0.png

Candlestick follower will also read this 27-Oct as a Hammer Day. And hammer is a reversal signal which was confirmed by higher open/low/close on next day.
So, if one reads it as doji then might conclude that it was indicision day, but if we become a bit flexible and try to look for any more pattern, then we can find a Hammer here.

So, market is trying to tell us something, and we need to be open to recieve and interpret as many signals as possible to understand it better and take right trading decisoin.

rajatheroyal - keep up the great work. Your posts and images remind me of my days when I started learning TA seriously and use to mark these pattern on the charts printouts.

Happy Trading.

 

[karvy]

nice work raja , keep it up. Your posts are like taking a refresher course for amateurs.

 

[rajatheroyal]

Nifty pulls back to the previous lower bottom 3200 from which it broke down to 2250 and faces resistance.Again we tune the nifty to 5mints chart to see a head and shoulder.
http://img530.imageshack.us/img530/5556/57509126ja4.png
See a head and shoulder pattern around 3200 leves.
http://img205.imageshack.us/img205/5865/17378698pj1.png

 

[rajatheroyal]

Nifty slips to a low of 2850 and again makes an attempt to take out 3200 level.We can see a double bottom patten in the five minutes chart.
http://img357.imageshack.us/img357/9554/45200571hk7.png
see how it turns to a 5mint double bottom
http://img73.imageshack.us/img73/6798/51105626tt4.png

 

[rajatheroyal]

How are u able to assume that previous bull market started on 2004?

I think i have found the answer to ur question.If u see the chart of sensex you will find that only on 2004 it broke its previous high which it made in the year 2000.That is why experts in cnbc may have assumed 2004 as the start of the new bull market.
http://img187.imageshack.us/img187/2597/79497310kb3.png

 

[rajatheroyal]

Nifty pulls back to 3200 and makes an second attempt to breach that level but fails and thus makes a double top.This double top is confirmed only on the break of 2850.
http://img378.imageshack.us/img378/8576/33773427yo3.png