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[amitt29]

Nasty day again but smart recovery pulls up stocks in later half of the day.

I had mentioned some posts back on 6th august that 4000 was on the cards within the week,(actually hit 4000 in eight days),nevertheless,there was a smart recovery intraday to just pull indices back into 4100 levels.Volatile market this.

Now on to short term:
crucial levels of resistance are at 4175-4250(subject to 4175 holding).Supports are at 4065(coincides with what some ppl may consider to be 200DMA(simple that is).

Wave count wise we may have started a wave 4 of 3 recovery,which can rally upto 4250-4300 subject to previous levels being held.

On alternate count it can be a finished correction at todays low.

Either case and also due to being oversold we shud be getting a rally pretty soon,else things may turn out to be nasty.

 

[amitt29]

So the rally came as expected and became tame by End of Day,sellers still in market.

For tomorrow imp levels as mentioned in previous posts are 4175-4250,4175 now becomes support and 4250 is extreme short term resistance.The next levels shud 4250 is held well are 4304-4311.

I will be off for a few days from tomorrow, so letting the boys return and play again.

 

[amitt29]

Traders and scalpers always welcome volatile markets,nevertheless its how much you end up with.

We got a good rally,Bears cud argue that it was from an oversold region,nevertheless we know most huge rallies have their seed sown in oversold regions.

So what do we have,the SMA of 4070 has been held thus far and quite a few tests in recent times.We also have a shot term bottom at 4002.The subsequent bottoms are higher at 4040 and 4100.

I am counting this formation as a 4th wave triangle where 4 legs have finished and we are in the final leg which can rally upto 4220(ideally it shudve done it today,didnt).So do we have a failure?
Time confluences are showing Monday is an important date.

Alternatively an esteemed member here, Uasish has provided that we r in 4th wave and a 5 wave has already started.Waiting for him to show his count.

If thats the case expect market to start rally from here and takeout 4250.

In the coming days 4175 wud be important.

Have a nice weekend.

 

[aca_trader]

If thats the case expect market to start rally from here and takeout 4250.

If NIFTY goes above 4250, The triangle pattern on hourly chart will give us a target of 4450-4500.

Best Regards,
--Ashish

 

[amitt29]

Hi Ashish,
Hows u doin.

Yes, quite correct.

 

[aca_trader]

Hi Ashish,
Hows u doin.

Yes, quite correct.

Hi Amit!

I am doing well, thanks and hope the same for you.

Where are u now a days? BTW, how can I read your "Published Article(s)".

Regards,
--Ashish

 

[amitt29]

What published articles?

 

[aca_trader]

What published articles?

Well! The newspaper articles u write. I read somewhere that u are writing for some Foreign Financial Newspaper.

 

[swagat86]

Well! The newspaper articles u write. I read somewhere that u are writing for some Foreign Financial Newspaper.

Amit bhai ko ye shouk kab se lag gaya.

 

[amitt29]

Well! The newspaper articles u write. I read somewhere that u are writing for some Foreign Financial Newspaper.

Thats some news to me.Where did u read boss?