NIFTY monthly chart analysis with Schiff's pitchfork

NSE:NIFTY   Nifty 50 Index
NIFTY monthly chart analysis with Schiff's pitchfork
Comment: Here is my previous Nifty monthly chart analysis with Modified Schiff pitchfork. This shows a less bearish view.

We need to wait and watch to see how the market unwinds itself.

Comment: Any move towards 10000-10500-10950 should be considered as a pull back making way for another big fall
Comment: Sell/exit longs on every rise


You are one of the very very few who are charting a monthly chart on log scale. Others are searching there roads in dark.....i agree with you
+1 Reply
jdjoshdias vsarode2
@vsarode2, You should check my charts too. I use the same especially for such situations.
+1 Reply
k314 jdjoshdias
@jdjoshdias, Definitely, will check your charts.
You are absolutely right. It makes no sense to use historical charts on linear scale. Because moves from 10 to 20 and 100 to 120 are poles apart. The former is 100% gain whereas the later is only 20% gain. On linear scale both moves will have candles of equal length whereas the log scale will have a bigger candle for 100% move than a candle plotted with 20% move.
Richard Schabacker also suggested to use log scale on monthly and weekly charts in his book "Technical analysis and stock market profits". For charts of lower time frame it does not make major difference.
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