Daily Chart
Half Hourly Chart
The Nifty made a huge white bullish candle leading to breakout from the previous high, neckline of the inveretd head and shoulder pattern, upper trendline of the rising wedge pattern and from the cup with handle pattern. This is extremely bullish, though volumes was not very impressive. But by trading with a stop loss, I would tend to ignore volumes for the time being.
Targets for the upmove are
- The 61.8% retracement level of the fall from all time highs of 6357 ------- 4788
- Falling wedges shown in my post yesterday -------------------------------4934 & 5129
- Cup with handle shown on half hourly chart above------------------------5135
- Targets for the inverted head and shoulders is huge so would like to calculate it once these targets are achieved.
Intraday oscillators have reached overbought zone. Daily oscillators have started showing strength and Macd has given a buy once again.
Trade long with stop loss of 4580-4650
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
5 comments:
THANKS MAM
Thank you mam.
Krishna Kumar
dear sister, your blog is superb.
as per elliot tenet,the possiblity for this correction to cross nifty 4899 is remote.wether it is a bear market correction or not.
if it is a correction to bear market how the elliot wave analysts justify the fundamental tenet of correction will not cross the first wave low on closing basis ie 4899 andfibonacci retracement of .618% plz
Thanks, that was brilliant!
Lee
thanks sandeep, krishna & lee. btw jamibraju i prefer not to bother too much about whether it is a bear or bull market. Just following charts, in short price is more than enough.Frankly I dont know about elliot wave.
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