Time To Stick My Neck Out "Nifty 5000"

[rajaram.dilipkumar]

This is the 2nd Part.

For all people yet not exposed to EW ,plz note all these counts may go Haywire if the Pivotal Low 17th August is breached,never depend on EW ONLY for any Trading decision.
This count given is absolutely as per EW Rule book ,but ask another EW practitioner he/she will give another version ,all subjective,hence we get confused when a known EW specialist says something & some other person gives a 180 degree opposite view,hence it is best to follow price nothing else.

I dont know what EW is telling but candles are showing bullish engulfing on daily and bullish harami on weekly charts........

 

[uasish]

Rajaram.dilipkumar,

1) 4th August:= at 16.17 Hrs.
http://www.traderji.com/105829-post311.html

The Downside arrest zone was marked.

2) 10th August:= at 07.40 Hrs.
http://www.traderji.com/107117-post337.html

When EW Theory's the 5 Down impulse wave analogy was negated & a simple
'A' 'B' 'C' waves 'B' was marked for 9th August's Nifty Fut's move

3) 16th August:= 10.47 Hrs .
http://www.traderji.com/108310-post342.html

A note of caution was issued to all 'Short Seller' & EW specialist friends that the
Downside will now be arrested by Bulls.

4) 16th August := 13.37 Hrs
http://www.traderji.com/108346-post343.html

Stance changed & commitment / conviction for Longs stated.

5) 17th August := 13.49 Hrs & 14.12 Hrs.
http://www.traderji.com/108558-post347.html
http://www.traderji.com/108563-post348.html

Was trying invain to draw attention that Bulls are on job.

6) 17th August := 14.36 Hrs
http://www.traderji.com/108569-post350.html

Even posted my System's Long signals to validate the Bulls intention (but invain many
of my friends where still skeptical quite justifiably,i earned on my Longs)

7) 20th August := 07.59 Hrs
http://www.traderji.com/109109-post356.html

The 'C' wave was marked at 17th's Low.

My last attempt to validate about the Bulls intention ,but we where reading Newspapers
more than charts.

My whole intention of this post is the Bulls got 2 oppurtunity's to earn a Neat 100 points in
Nifty Fut from 4058.70 levels,i missed the 1st one but took the 2nd one .Now all CNBC
type TA specialist will find many things in the charts,becoz they probably dont trade for a
living.
Nobody can say to-morrow & trying to predict is useless but we try to get the signals
present in the chart & take calculated Risk accordingly & EW Theory is another
undependable tool if used ALONE as becoz it is relatively unknown; & subjective;
hence these EW specialist will always confuse us with A B C this & that 4th etc etc,i always give them a patient hearing ,make my own counts but take action only when the Price says .

Asish

 

[ssprasad]

Thanks Ashish for the charts ... they provide much clearer picture now

 

[rajaram.dilipkumar]

Rajaram.dilipkumar,

1) 4th August:= at 16.17 Hrs.
http://www.traderji.com/105829-post311.html

The Downside arrest zone was marked.

2) 10th August:= at 07.40 Hrs.
http://www.traderji.com/107117-post337.html

When EW Theory's the 5 Down impulse wave analogy was negated & a simple
'A' 'B' 'C' waves 'B' was marked for 9th August's Nifty Fut's move

3) 16th August:= 10.47 Hrs .
http://www.traderji.com/108310-post342.html

A note of caution was issued to all 'Short Seller' & EW specialist friends that the
Downside will now be arrested by Bulls.

4) 16th August := 13.37 Hrs
http://www.traderji.com/108346-post343.html

Stance changed & commitment / conviction for Longs stated.

5) 17th August := 13.49 Hrs & 14.12 Hrs.
http://www.traderji.com/108558-post347.html
http://www.traderji.com/108563-post348.html

Was trying invain to draw attention that Bulls are on job.

6) 17th August := 14.36 Hrs
http://www.traderji.com/108569-post350.html

Even posted my System's Long signals to validate the Bulls intention (but invain many
of my friends where still skeptical quite justifiably,i earned on my Longs)

7) 20th August := 07.59 Hrs
http://www.traderji.com/109109-post356.html

The 'C' wave was marked at 17th's Low.

My last attempt to validate about the Bulls intention ,but we where reading Newspapers
more than charts.

My whole intention of this post is the Bulls got 2 oppurtunity's to earn a Neat 100 points in
Nifty Fut from 4058.70 levels,i missed the 1st one but took the 2nd one .Now all CNBC
type TA specialist will find many things in the charts,becoz they probably dont trade for a
living.
Nobody can say to-morrow & trying to predict is useless but we try to get the signals
present in the chart & take calculated Risk accordingly & EW Theory is another
undependable tool if used ALONE as becoz it is relatively unknown; & subjective;
hence these EW specialist will always confuse us with A B C this & that 4th etc etc,i always give them a patient hearing ,make my own counts but take action only when the Price says .

Asish

i agree with you but ,as far as iam concerned, i turned bullish on aug 21 when the spot nifty didnt break the previous low around 4000 and the bullishness was confirmed the next day when it made a bullish harami pattern but i had two concerns:-
1. volume part when the white harami candle formed on 22nd the volume was not significantly higher than the long black candle formed on 21st .
2. For harami to be a valid reversal signal the third day i.e.23rd has to confirm the reversal which unfortunately didnt happen .
On both counts the pattern has failed
But yesterdays harami pattern makes me bullish as this time the signal will be confirmed when the market will confirm the reversal on monday (27th) thanks to good global cues and not much damage on the domestic political front .
Infact i have already made bulk purchases but remains to be seen whether we are right. What makes me more bullish this time is charts of some of the nifty stocks which is in sharp contrast with the pattern they made in end-july. Posted RCOM chart patterns for july and aug

 

[amitt29]

Interesting charts.

Thanks to both Uasish and Rajaram.

 

[amitt29]

This is the 2nd Part.

For all people yet not exposed to EW ,plz note all these counts may go Haywire if the Pivotal Low 17th August is breached,never depend on EW ONLY for any Trading decision.
This count given is absolutely as per EW Rule book ,but ask another EW practitioner he/she will give another version ,all subjective,hence we get confused when a known EW specialist says something & some other person gives a 180 degree opposite view,hence it is best to follow price nothing else.

You are quite correct there.Its because of the fractal nature of markets.Not only for EW but in all systems as well.

 

[uasish]

Once we are above 4201.45 in Nifty Fut & stay above it we are safe.

 

[uasish]

The above post's chart was as per EW.
This one what Price says in Weekly Time Frame.

 

[uasish]

http://www.traderji.com/110128-post388.html

Amit,
You are right & this is how Fractals can help us also.

Asish

NB:How both EW & Price both confirmed to give money earning oppurtunity.

 

[rajaram.dilipkumar]

The above post's chart was as per EW.
This one what Price says in Weekly Time Frame.

thanks ,my bullishness is confirmed even on the weekly futures chart posted by you.
Hammer in a downtrend is extremely good for the bulls ( the color of hammer is not important) . On the face of it look like a takuri (has three times lower shadow to the length of the body while hammer has twice).
Patttern confirmation will come on monday if nifty has a higher open and a higher close.
Now i can sleep with peace.