ANALYSIS BASED ON TECHNICAL PARAMETERS(NO NOISE) WHAT A DAY IT WAS!!!! TO DAY NIFTY IN THE MORNING ITSELF WITH A GAP UP GAVE A " LA SOPRESA". DID BIT OF ADJUSTMENT FOR THE ANTICIPATED MOVEMENT....AND "TA-DA"...NEVERMIND...THE MAJOR ATTRACTION FOR DISCUSSION WOULD BE THE DECLINE THAT WE WITNESSED IN THE LATER HALF. AT THE OUTSET I WOULD LIKE TO TAKE YOUR ATTENTION TOWARDS THE SAME CRANKY DECLINE THAT WE SAW IN ALL US INDICES A FEW DAYS BACK AND FOR ME IT LOOKED QUITE SIMILAR...AND THE TOP WAS RESEMBLING THE MAR HIGH TOP AS WELL."WEAKNESS OBVIOUS"...NOTWITHSTANDING HONESTLY I ALSO DIDN'T ANTICIPATED FOR 2.618 RETRACEMENT....ALTHOUGH CORRECTION WAS EMINENT BUT NOT SO SHARP...INDICATES WHAT??? TO CREATE BEARISH SENTIMENTS AMONG RETAIL INVESTORS.THIS IS WHAT I PERCEIVE...THE CORRECTION/DECLINE WAS A BIG THUD!!!...BUT I LOOK IT AS A CORRECTIVE MOVE.THE SELL-OFF GOT ABSORBED IN SIMILAR WAY AS IT WAS INITIATED....FOR MONDAY I WOULD LIKE TO GO BULLISH WITH A GAP UP...AND MAY MOVE CLOSER TO TODAY'S HIGH. I MAY HEAR OBNOXIOUS AND ERRATIC...CAN'T HELP IT...I MAY BE WRONG IN MY ANALYSIS BUT NEVER BREAK THE RULES....
ASSIMILATION FOR EDUCATIONAL PURPOSE.
TRADE AS PER OWN RISK ASSESSMENT.
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GUYS GETTING THE IDEA,WHICH SIDE ACTUAL TREND IS!!!
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IDEA IS INVALIDATING....BANK NIFTY LOOKS EXTREMELY WEEK....AGR IS GETTING SOMETHING WITH IT.
@bimalscave Sirji, thoda doubt hai count pe.. I feel there's an extremely high probability that the entire move/ wave from 9544 has finished at 11373.
bimalscave
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@PracticalBull.mmb, please elucidate...logical reasoning dena....why top is been made??? No technical...lets discuss
practicalbull.mmb
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@bimalscave, Sirji, my views are technical only. Based on a combo of trend lines, Fibonacci, extensions, RSI divergence which I look at in conjunction with my wave count.. So I don't have anything logical to substantiate my view.
No offence but I still feel that the EW count I'd mentioned in my reply to one of your previous posts is likelier to be valid. The move from 7511 has completed an ABC - abc - ABC pattern at 11373. If this is a diagonal, which I think is possible basis what you'd mentioned in reply to that post, then the first ABC is 1, and the move to 8806 is 2 and Wave 3 has ended at 11373. We should see a 4th wave of about 38% (~1000 points, approx 5 to 6 weeks of correction) and then a final Wave 5.
bimalscave
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@PracticalBull.mmb, bhai mere...i am cool...lock down mein bull market...market khul raha hai toh bearish...kaese ho sakta hai...doesn't hear logical...i know you are expecting correction like 9500...but for that you require some solid global cues...kya ho sakta hai...nasdaq,S&P, Japanese,european saab ATH...indian maket recovery stage kaese ho sakta hai....minor correction milenge...but not like you are expecting....
market ko gira sakta hai...domestic only possibility...keep a solid eye on that...guess what...i will tell you.but think first.
practicalbull.mmb
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@bimalscave, I know it may sound illogical but that's what my EW counts suggest. Quite possible that cues may be domestic. Could be some flare-up with one of our "Not-so-friendly" neighbours. Or maybe something else, we don't know yet. Whatever the cues, my anticipation is a move to 10,250- 10,450 range by 3rd week of September.
bimalscave
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@PracticalBull.mmb, Do an Elliot wave count of dollar index...it is at a very critical place.1000 pts correction...Honestly bhai not expecting...Now what i am expecting a solid divergence may be created between Nifty and Bank Nifty...Bank nifty on the contrary may slide in a much greater degree...because its movement is corrective since its lows...That too not this month...Q2 Results...This is what I perceive and understand...i may be wrong in my view...after all we play around with our veiws.