From 12430 N50 fall to 7500. Then N50 rise (..ing) 6870 points till 08 January 2021. So if we count 6870 below/before 12430 high, we reach at 5560 (Sep 2013).
Previous Rise: From 5560 to reach 6870 (12430 high) it took 1567 sessions (2329 days). Here world was in growing phase.
Current Rise: From previous bottom 7500 we got 6870 points "JUST" in 199 trading sessions (290 days). Here world was in lockdown, future was dark, economy halted or negative.
turn around in economy has just started ,nifty has long way to go to 25000+ till 2024.short corrections of 500/700 points should not disturb you if you are investor who wants to make big wealth.
nilanjan62
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Nifty is reaching Yearly R3(14490), i think it will reverse from there.....i think it will give a downtrend to 11800 where the new yearly pivot is there and to reach the new yearly pivot it has to cross the latest monthly pivot at 13650 and that can give another downfall to mothly S3 at 12200. Previous month support at 12570 and thats a missed pivot.....Reversal may happen from 12200 .Nifty may test these levels. I am studying now, i may be wrong....whats your view about this.
nilanjan62
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I use only Pivots and R3 as i am a fan of Mr Rob Booker....... Blue lines are Month Pivot(Fat) R3 and S3 Thin BLue lines. Pink are the Yearly Pivots and R3 , S3
nilanjan62
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i think nifty will reverse from 14772 as it has a month r3 of april 2020 and the pivot was a touched pivot so nifty will also test that level.....need ur view in this...
skav71
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@nilanjan62, Hi Confused here. Which Pivot was touched??? and if touched what will happen?? As I said I don't know abc of Pivots.
nilanjan62
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@skav71, i have seen if a pivot is touched...then price respects the R3 and S3 levels of that Pivot...., i may be wrong...you can make a chart with all the pivots(D,W,M,Y, and remove the R1,R2,R4,R5 and S1,S2,S4,S5) and study
nilanjan62
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we can discuss if you DM me
nilanjan62
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@skav71, Aprill 2020 Monthly Pivot was touched and went up...thats what i said
skav71
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@nilanjan62, Nice & Clean chart.
Dear friend, I'm not expert to comment on your chart. Charting Methods are subjective. Each one follow one or other.
I've posted my view as it look scary to me. See the time & speed of movement even when future is dark. (Corona + War like situation in many parts of world). Time wise no consolidation after fall. and same has happened in Sep 2018 fall, bounce back immediately.
Thank You for your input. I'll read something on Pivots. It may help to find reversals.
All the best.