padiyaraa

How to identify a market turn??

NSE:NIFTY   Nifty 50 Index
215 0 5
There are different approaches to follow market trend.
While the index is maintaining above a trend line , we assume, the market is bullish . One has to wait for a trend line to break, which may associate with an oversold indicator, a divergence will emphasis the signal. Or one can decipher a cue from a pattern completion, or a wave completion, before that a single day candle psychology at the end of a long trend will give us an advance clue.

Before all the Above signals, the first and foremost is the price action, which gives us an initial hint, if the price is trading below the pivot level there it start to take a turn, then the daily support, and the weekly support one by one.
By the time it start to trade below the first monthly support, it will be more evident with a strong signal, with the indicators in bearish zone, trading below the trend lines all that kind of thing will happen and will be visible very clearly.
So please adopt a step by step approach patiently & don’t jump in to conclusions. There were many questions aroused, what will be the, next level, level after one month, two month, or three months.
I don’t think anyone in this world can assure any such levels in the market. I am not a market wizard to give advice, but take it as my humble opinion.
I am expecting that, market to cross 10330 in 2017, with the current wave 3 count , which I am following. If it is ABC started from 6825, the fall will be intense , and we must change the count on developing patterns further. But while being bullish for such a top, one has to be vigilant for an inevitable correction at every point of time. The previous signals like, a trend line break is failed and we draw a new TL, then many a time it give a bearish candle or patterns, an assumed ISLAND pattern,, a price &time square' kind of wave completion, what not, BUT nothing made a major correction so far. All that correction were within a 38% move.

So be watchful again, trade as per the signs evolves and be bullish always.
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