Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, September 7, 2009

Reigning The Nifty - 8th September, 2009

 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




Krishna said...

Thank you mam.

Krishna Kumar

jamibraju said...

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

Anonymous said...

Thanks, that was brilliant!

Lakshmi Ramachandran said...

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.