NIFTY FIFTY
- Thread starter AMITBE
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As far as I can see, your levels are close enough to 3476 and 3493 from my data.
On the other hand, should the Nifty put in a close of above 3510, it would likely want to test 3514-3519-3524-3529.
If so, then it would take out around 3505 level at 5 of your chart.
All are interesting possibilities of course.
On the other hand, should the Nifty put in a close of above 3510, it would likely want to test 3514-3519-3524-3529.
If so, then it would take out around 3505 level at 5 of your chart.
All are interesting possibilities of course.
With due respect to everybody here,
I think a close above 3517(on nifty)will lead to a gapup again tomorrow and we might test 3600 within this week only.
As regards to elliot wave theories well,since the november correction ended if u see the rise and apply fibonacci retracement we will see the correction ended on 3290 levels.So we might see around 410+ points rally on nifty straightaway to close above 3700 this expiry itself.
Will need some opininos on this.
Regards.
I think a close above 3517(on nifty)will lead to a gapup again tomorrow and we might test 3600 within this week only.
As regards to elliot wave theories well,since the november correction ended if u see the rise and apply fibonacci retracement we will see the correction ended on 3290 levels.So we might see around 410+ points rally on nifty straightaway to close above 3700 this expiry itself.
Will need some opininos on this.
Regards.
The Nifty has been scorning at analysts and its historians of every colour and shade, whether on fundamentals or technicals.
At every stage this hapless bunch has been rummaging in their toolkits for new instruments and theories, to weigh and measure its historical/seasonal patterns, retracement, projection and what have you.
Not even in my crazed and wildest of dreams would I ever dare to deride such brilliant and superlative TA theories as Elliott or Fibonacci, but regardless, the study of the Nifty has been confounding all chartists who have been constantly switching saddles with every shift in trend.
At this point there is no saying how fast and how high the action could move.
There is also the real danger of sudden bouts of profit booking.
Volatility should be well guarded against.
Numbers is all Im attempting there, with more than a pinch of common sense.
For now, to the line is 3524-3529-3534-3539-3544-3547-3552-3555-3558-3561.
Further up is the line at 3564-3567-3575.
Support line is 3514-3511-3506-3502-3498-3492-3486-3480-3474.
Will post again later.
At every stage this hapless bunch has been rummaging in their toolkits for new instruments and theories, to weigh and measure its historical/seasonal patterns, retracement, projection and what have you.
Not even in my crazed and wildest of dreams would I ever dare to deride such brilliant and superlative TA theories as Elliott or Fibonacci, but regardless, the study of the Nifty has been confounding all chartists who have been constantly switching saddles with every shift in trend.
At this point there is no saying how fast and how high the action could move.
There is also the real danger of sudden bouts of profit booking.
Volatility should be well guarded against.
Numbers is all Im attempting there, with more than a pinch of common sense.
For now, to the line is 3524-3529-3534-3539-3544-3547-3552-3555-3558-3561.
Further up is the line at 3564-3567-3575.
Support line is 3514-3511-3506-3502-3498-3492-3486-3480-3474.
Will post again later.
Hats off to you sir,very well said.
Though i disagree on common sense part.
Its the "rare" sense that sets people apart.With you being an apt example.
I have been following your posts in this thread with apt attention and have learnt a lot from you.
Elliot wave is very apt in explaining everything and our markets have been following it with copy book precision,however beauty lies in the eyes of the beholder.People studying elliot wave have to be flexible with plugging loopholes with other chart pattern readings too.
amitt29 said:
Hats off to you sir,very well said.
Though i disagree on common sense part.
Its the "rare" sense that sets people apart.With you being an apt example.
I have been following your posts in this thread with apt attention and have learnt a lot from you.
Elliot wave is very apt in explaining everything and our markets have been following it with copy book precision,however beauty lies in the eyes of the beholder.People studying elliot wave have to be flexible with plugging loopholes with other chart pattern readings too.
And very well said to you too!!
Beauty does lie in the eyes of the beholder, and it's commonly found not to lie at all!!!
But I had to delete one of your smilies to insert my own winkie!!
Traderji wouldn't permit more than four, you see.
Thanks again.
Density is seen above 3570, and the Nifty has reacted rather sharply there.
Above 3575, should the action want to move there, the line at 3578-3582-3586 for now.
This line extends all the way to 3590-3594-3598-3602.
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