COMPARE MY YESTERDAY STATEMENTS WITH REAL MOVE IN NITY.
1. In point no3. yesterday I gave you target of white lower dotted line in down side. See the pefection of this level. Aggresive bulls took entry by confirming this micro zone with red band of upperside. That has been maniested yesterday. In point no.4 I showed you green dotted trendline with the instruction of breach is intact , therefore, nifty ready to move down on monday. Point no.5 momentum can be seen on breaking of this line . That is why you did not see momentum in movement of price. Point no6 due to corrective structure opposite side move be frequent. see the entry of aggresive bulls making tail to this candle.This is how one day prior sketch was filled with exact price moves.
2. Now come to monday trading session I expect gap down open that i will confrim in my sgx nifty analysis. With the target of pink support line. If you see on lower white dotted line the entry of aggresive bulls two times. why I say this . Had they been strong , they would have taken price up to upper micro zone. That could not happen , therefore , are aggresive bulls. But this time novice aggresive bulls plus those who shorted at top some week bears booked their profit. That gives me impression this time price will break down without any more try upside. Let us see will this happen on monday or not.
3. Condition for breaching of green trendline will be valid as shared in last post. Rest market will decide.
YOGESH VATS
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This is the picture of nifty on lower time frame where is the technical answer of nifty not going down in bigger time frame daily , I showed micro zones are being formed . But in smaller time frame loacal distribution process is going on . If yellow dotted line is breached then on monday green trend line above can be tested . It means 130 pts move to 9300 can be seen that I showed with white arrow then fall. On otherside on monday morning falt opening can be seen if yellow trend line is not breached then you will see fall in nifty.I am going to post sgx nifty where the possibility of fall provides support. check that post too.
thanks for your valuable hard work sir, green dotted trendline means the line which starts for 23rd march 2020 as you showed in your 14 may analysis or which your are showing today in lower time frame. it little meshup to understand, request you to give some name or number instead of name like green dotted line white dotted line etc, this will improve my deep learning on charts.
thank you sir.
yvatsji
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@arvind6261, I think there is no meshup in Infact you are merging highter time frame chart explanation with lower time frame chart explanation. It is quite clear when i posted higher time frame then below is the explanation of that and when i posted smaller then below is explanation of lower one. If you see care fully some time i use dotted line and some thimes i use solid of shame color which i wirite clearly in details. when i wrote in second chart green trend line will be test that i am taking of second chart not first. This is the first time i used lower time frame to make concept clear .when i will 3 to 4 charts of diffrent charts how will you manage.
arvind6261
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@yvatsji, trend line must touch at least two points on charts, on lower time frame it is plotted at the end of the day and visible clearly i can understand but on higher time frame it is just a line where i can fallow if goes above buy if remains below look for short sell. is it the definition which i understood or i am wrong please do write sir,
yvatsji
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@arvind6261, sorry i am not getting your point pl explain in another manner.
arvind6261
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@yvatsji, sir, on daily chart of nifty you plotted on 14th showed a green dotted trend line touching only high of 13th may. my point is how it is a trend line, later on 15th it fulfill the conditions you explained under point no. 4 of 14 th may . i would like to know the art to know this early warning. also its my request to give some name to avoid any misunderstanding.
yvatsji
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@arvind6261, in higer time rames it ie ref line withiut contact of points.
yvatsji
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@arvind6261, ok i got it. see when in initial stages a trend starts i higjher trend frames we do not need two points to confrim a trend line , when in initial stage.This line is called ref line. when momentum is fast in higher time frames price start to move in direction of line. in later stages it forns two points by slightly changing angle.so this line is not giving imfornation to take immidiately position on breaking otherside. one should wait to form a micro resistannce to change channel.i that is breached then then ref line trend change will get into effect.