NIFTY 50 future TRENDS
- Thread starter sudoku1
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I don't think there will be any immediate impact. Will have to wait for further developments and let the world digest the news.
http://timesofindia.indiatimes.com/...on-on-Syria-killings/articleshow/11758535.cms
http://timesofindia.indiatimes.com/...on-on-Syria-killings/articleshow/11758535.cms
First, it was about 3 weeks ago Intelliblitz was saying how the market was going to take off straight up (Words to that effect.).
Nice call!!
Up to this point, I've missed the call for the reversal at 2 different points (It doesn't hurt being wrong occasionally. I enjoy my humanity.).
The market has now arrived at a decision point. The cluster R on the weekly is obvious. Either it gets ripped out by another huge bull candle, and the YR2 at 5554 (Wow! It's only February.) is on the radar. This means if the WR1 at 5408 is so much as touched this week, then clear the way! 5554, here we come!
If the reversal happens, then cluster S at 4972 on the daily could be revisited.
If the further bull scenario prevails, then we are in for another broad consolidative move that is going to take the market back to the 5100's. If it reverses from this point, it is more of a straight path, which is the line of least resistance.
upload images
Nice call!!
Up to this point, I've missed the call for the reversal at 2 different points (It doesn't hurt being wrong occasionally. I enjoy my humanity.).
The market has now arrived at a decision point. The cluster R on the weekly is obvious. Either it gets ripped out by another huge bull candle, and the YR2 at 5554 (Wow! It's only February.) is on the radar. This means if the WR1 at 5408 is so much as touched this week, then clear the way! 5554, here we come!
If the reversal happens, then cluster S at 4972 on the daily could be revisited.
If the further bull scenario prevails, then we are in for another broad consolidative move that is going to take the market back to the 5100's. If it reverses from this point, it is more of a straight path, which is the line of least resistance.
upload images
Kiranjakka, yes. The 5100's becomes and easy target, because virtually it looks like a clear path even to 4972.
If it breaks 5408, it will need a well-defined map to get back to the 5100's, because of so much added S it will have to face on the way down.
Back in November I was talking about a corrective move that would take the market back to <>5270. Later, I talked about a broad range consolidation, which is exactly what played out, as it was only a few days ago when it was hit. If 5408 is broken, the move south will take on much of the same look. Also, with the YR2 getting hit, then the move becomes what I call a continuation from the YR1, and then it is pretty much a lock for a corrective move back to the YR1, which is 5089.
If it breaks 5408, it will need a well-defined map to get back to the 5100's, because of so much added S it will have to face on the way down.
Back in November I was talking about a corrective move that would take the market back to <>5270. Later, I talked about a broad range consolidation, which is exactly what played out, as it was only a few days ago when it was hit. If 5408 is broken, the move south will take on much of the same look. Also, with the YR2 getting hit, then the move becomes what I call a continuation from the YR1, and then it is pretty much a lock for a corrective move back to the YR1, which is 5089.
SJD, 5336 is the current point. So, from here, it's easy to get back to the 5100's. The line of least resistance (Figure of speech. "Resistance here has nothing to do with R on the charts.) is that corrective move back to the 5100's is a lock because of how close we still are.
From 5554, even though we will get back to the 5100's, it's just going to take much longer to do it.
I'll use an analogy. If I blindfold you and take you to the living room, you will be able to find your way to the kitchen. If I blindfold you take you outside 500 feet from your home, and spin you around, it's going to take a lot more effort to get back to the kitchen.
LOL, just like the 5100's, you will find your way back to the kitchen, cause you got to eat. Rather than a direct path, it will take you more of a broader range consolidative move. You might stumble around, go the wrong way, bang your knee on a car, chew me out for blindfolding you, but eventually you will "Find your way back" (I know Eagle has to like that one.).
BTW, the reversal for DJIA has not happened............yet.
From 5554, even though we will get back to the 5100's, it's just going to take much longer to do it.
I'll use an analogy. If I blindfold you and take you to the living room, you will be able to find your way to the kitchen. If I blindfold you take you outside 500 feet from your home, and spin you around, it's going to take a lot more effort to get back to the kitchen.
LOL, just like the 5100's, you will find your way back to the kitchen, cause you got to eat. Rather than a direct path, it will take you more of a broader range consolidative move. You might stumble around, go the wrong way, bang your knee on a car, chew me out for blindfolding you, but eventually you will "Find your way back" (I know Eagle has to like that one.).
BTW, the reversal for DJIA has not happened............yet.
Posting Nifty Futures daily chart with TD Combo bars marked on it. As per this chart it has completed 11 bars out of 13 needed for a top. I am expecting atleast an intermediate top sometime next week. The levels I am looking are 5415-25 and 5557...the first zone more likely....
We are in high risk area....trade with caution and tight stops.The market has a good traction and momentum and we should not go short just because it has gone too high,too steeply. Trade on valid signals and proper stops in place.
Smart_trade
Posting Nifty Futures daily chart with TD Combo bars marked on it. As per this chart it has completed 11 bars out of 13 needed for a top. I am expecting atleast an intermediate top sometime next week. The levels I am looking are 5415-25 and 5557...the first zone more likely....
We are in high risk area....trade with caution and tight stops.The market has a good traction and momentum and we should not go short just because it has gone too high,too steeply. Trade on valid signals and proper stops in place.
Smart_trade
http://www1.migbank.com/fileadmin/press/thefxjrnl_may_09.pdf
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