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[aca_trader]

As you can see from the hourly that 5 waves are almost completed and the initial move had retracted from the upper channel.

Hi Amit!

I do not understand the 5 waves part. (Could never understand from where to begin.) But can you please explain that retracement from Upper Channel Part.

Best Regards,
--Ashish

 

[amitt29]

Pick a low, any low and begin.Some ppl do find the subjectivity of EW a bit difficult,however there are other modern tools to assist in objective analysis of index and stock moves.

Now

For those uninitiated in using trend channels and their properties the following i find is the most objective,complete and definitive explanation.

http://www.neowave.com/qow/qow-archive-303.asp

http://www.neowave.com/qow/qow-archive-273.asp

 

[kkseal]

For the Sensex, from what i see, if 15070-15090 crossed then might go upto 15370.

Regards,
Kalyan.

Nearly there Be careful now.

 

[amitt29]

It has held up thus far very nicely.Now then if 4440-4359 holds in the coming days then we cud see new highs and above pretty soon.Sooner than ppl think


Now something a bit different from the TA for markets,if u look at recent market action ,by recent i mean from December the market has just revolved around 4300-4000 for most of the time except for being in throwover/euphoric zone between 4400-4650,and when corrections such as recent ones have happened look at in real terms what has been done do not immediately start looking at may 2006 type correction at all times.Markets never repeat.

Also if you look at US and the recent Government actions to support the markets it tells you that wholesale manipulation is going on to hide real picture.Unfortunately you cant hide the true picture.I am not a doomsday sayer but those who harp on fundamentals etc must take note how manipulation takes place.

Best Regards for the weekend.

 

[amitt29]

For whole of today Nifty drifted in a range oscillating between 4480-4466.

Still supports remain at 4356-4440 and extreme short term resistance at 4490-4530.If it moves it will move fast from here.Leaving markets to resolve itself for the moment.

Five waves look completed(for the impulse move) and a 335(for corrective ABC) and a contracting pattern is developing on hrly charts.
Today some discrepancy had developed in my data feed,after it resolves,i will post the chart.

 

[amitt29]

Nothing much to add as the action has been more stocks specific,the contracting action still remains in place indicating overhead resistance at 4510-4530.

Supports still at 4440 and down below at 4356.

Waiting for markets to resolve itself.

 

[uasish]

Very good service to the forum.

 

[amitt29]

Thank you to the two Gentlemen souls who gave a nice comment.

Thanks Uasish,you know i wud try my level best,rest all left to markets and Almighty.

 

[amitt29]

Today i did some of my calculations and reassesment.I wud also like to point out that various ppl are giving thresholds like 13300 etc for sensex to be mantained fo the rest of the year for the uptrend to remain intact.

I am raising the bar by several hundred points to 14700.And allowing myself a 50 points leeway.

14700 shud be mantained for the rest of the year.The next 5-6 days or so are important for the uptrend.

 

[uasish]

In sync with you.