- Status
U
Hi,
I am anticipating a 5 leg correction in Nifty Fut ,where 3 legs are over & today the 4th leg should go up.Now due to negative Asian cues ,if this turns out to be 3 legged then today it will unfold downwards ,tgt not less than 3400.Apart from symmetrical pattern there is also an island pattern in the triangle,hence today's price action has become crucial.
Asish
I am anticipating a 5 leg correction in Nifty Fut ,where 3 legs are over & today the 4th leg should go up.Now due to negative Asian cues ,if this turns out to be 3 legged then today it will unfold downwards ,tgt not less than 3400.Apart from symmetrical pattern there is also an island pattern in the triangle,hence today's price action has become crucial.
Asish
U
Hi,
One of our fellow knowledgable trader told me over telephone that this formation
can not be a symmetrical rather at best can be a "Pennant".In support of my logic.
In Edward & Magee Pg 13 (9th Line from bottom) "The rapid phase of a major Bear trend
,on the other hand ,is it's 2nd stage,often charecterized by almost VERTICL panic declines.
The Flags & Pennants which develop therein are usually short - completed in a matter of
3 or 4 days rather than weeks."
In support of his logic.
Markos in a wrte up has mentioned that any formation
below 20 days is more a Pennant than Symmetrical.Even Bulloswki confirms this.
Hence this can be a academic debate where all boarder's views solicited.
Asish
One of our fellow knowledgable trader told me over telephone that this formation
can not be a symmetrical rather at best can be a "Pennant".In support of my logic.
In Edward & Magee Pg 13 (9th Line from bottom) "The rapid phase of a major Bear trend
,on the other hand ,is it's 2nd stage,often charecterized by almost VERTICL panic declines.
The Flags & Pennants which develop therein are usually short - completed in a matter of
3 or 4 days rather than weeks."
In support of his logic.
Markos in a wrte up has mentioned that any formation
below 20 days is more a Pennant than Symmetrical.Even Bulloswki confirms this.
Hence this can be a academic debate where all boarder's views solicited.
Asish
or 2nd of 5th.Pls enlighten us.
U
amitt29,
As an experienced trader you must be knowing that wave analysis is subjective,why dont you stick your neck out & enlighten us with your more objective analysis ? You must have gone thru all my post by now in this thread ,didnt you find time to time as the chart informations are being unfolded,i have tried to keep it posted.However if you differ in my views you are welcome to put forward your wave analysis without your analysis of the same ,it is very convinient to find fault with others analysis.However the 2 levels given to day before the mkt opening was clear where to short in Nifty Fut,with supporting analysis of both the views has given money .
Asish
As an experienced trader you must be knowing that wave analysis is subjective,why dont you stick your neck out & enlighten us with your more objective analysis ? You must have gone thru all my post by now in this thread ,didnt you find time to time as the chart informations are being unfolded,i have tried to keep it posted.However if you differ in my views you are welcome to put forward your wave analysis without your analysis of the same ,it is very convinient to find fault with others analysis.However the 2 levels given to day before the mkt opening was clear where to short in Nifty Fut,with supporting analysis of both the views has given money .
Asish
Last edited by a moderator:
- Status
Similar threads
-
For how long do you stick to one broker
- Started by ReggieFx
- Replies: 1
-
-
Is it safe to invest in Indian mid-cap MF in current situation? Or should i stick to large cap funds?
- Started by vikram112in2000
- Replies: 1
-
Does value of O H L C changes with beginning of next candlestick ?
- Started by Sagar21
- Replies: 1
-