Nifty 8641, is bullish, trading above all the moving averages, the signals are strong in bullish region but a negative divergence prevails, still it can reach to 8740 level, support 8550. In my count, I was expecting a fall from 8461, but it didn’t take place in expected time frame as we were in wave 3, so a further upside is expected again as wave5 up to 8600.Now there is major changes in wave structure as we are trading above 8598 level, in speed, we may be in a new impulse, making the 7894 low concludes the double zigzag, if we are trading above 8740. Next resistance is 8890. 8760 is a 1.618 time retracement level and the 8890 is the trend line connecting the two major tops in nifty. Two more days to left for the budget day, so market may show indecision and budget day will have high volatility. Not trying to predict anything. Only caution advised to protect ones capital. Last budget shows us the bottom 6825, while we were going downwards, but this time on what expectation we have, we are going up? Expecting a strong economic policy, better quarters, good monsoon result, or a reform in bank interest, GST may favor????Let us wait and see how it evolves, and give some clarity.
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There are many counts out there, this is my favorite view. But in minor, minute , minutte and subminutte time frame, the view is changing dramatically, so I prefer to read just the current swing only. many friends are asking about the whole structure count, from certain top, that too in hourly or in minute candle, which is not necessary,and hassle some to follow, & i cant help that. please bear with me. I need not to be right even, this meant for sharing and study, you can add to it, please accept it that way. Multiple windows charting is not allowed for me
@nene am
It has got nothing to do with wave count. Those moving averages used for some other studies, which remain unattended.
But a combination of short and long period moving average gives you a short term trend change signal. I use fibonacii numbers for EMAslLike 89 ,55,34and 13 etc. For a weekly or monthly chart a short period EMA like 34 or 13 is useful. For SMA I am using normal 100 ,50 or 20 day moving average's.
It depend on the movement of script or index. A lesser period MA is good enough to measure the trend in a very volatile movement chart.
Very important thing to notice is that, while applying a moving average, make sure that it really supporting some of the trough, and if it is not supporting any low, change the period and use another period.
neneram
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You are using 89 EMA average in hourly chart ? Daily chart you have put up 13 and 20 EMA ??
Any specific reason ?