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Another Beautiful Morning, Another Analysis,Another Pattern but same idea which we are telling for ages - " Nifty Down Down ". As expected we got into the muddy area, its gonna be really sticky mess in the 50 points range on either side of 8500's. Only a swift move from Nifty can take us out of this zone. I'm not sure why, I don't get the feeling that we will get out of this zone fast, so sit on your hands & control your emotions if Nifty is ranging.
On the analysis front, We have a beautiful ABCD pattern which is yet to complete around 8400's. Currently we are in C to D move, but Nifty has many support levels before falling to 8400's so bulls may try to run one more time, not more than 100 points. I'm expecting a gap up ( 30 points max ) into the zone we marked and move down, Don't expect 8400's in single day, it will happen but process will be slow.
We can get a channel or triangle pattern in 15mins with downside breakout , its a possibility only so if someone missed short entries good time to re-enter based on their tradeplan with proper stops. What's more worrying is, there is no news event which can move the market in the name of fear or greed. Anyway we can grab all the points in C to D move if everything goes fine. Is it Greed to Grab All ?! Nope... We are just following our Plan & its reward.
On the analysis front, We have a beautiful ABCD pattern which is yet to complete around 8400's. Currently we are in C to D move, but Nifty has many support levels before falling to 8400's so bulls may try to run one more time, not more than 100 points. I'm expecting a gap up ( 30 points max ) into the zone we marked and move down, Don't expect 8400's in single day, it will happen but process will be slow.
We can get a channel or triangle pattern in 15mins with downside breakout , its a possibility only so if someone missed short entries good time to re-enter based on their tradeplan with proper stops. What's more worrying is, there is no news event which can move the market in the name of fear or greed. Anyway we can grab all the points in C to D move if everything goes fine. Is it Greed to Grab All ?! Nope... We are just following our Plan & its reward.
Oct 18
Comment:
Fibernet screwed up bigtime today from 12.30pm, I missed out everything. Just got the Internet back after techie showed up.
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It just reacted from a point of daily resistance close to 8700 spot. Now expecting downside move to 8400s....what's your opinion?
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No worries InsiderB, I join you in being a non-player today :-) Caught up in too much work for trading but holding a few calls which look promising !!
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Thank you !! All the best to you and look forward to your post tomorrow morning. If Fibernet creates problems, keep a dongle handy always, depending on the service providers in your region.
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I had a similar expectation as you have shown in the chart... But all went other side.
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It happens bro, We win some days we lose some days, part of the game. I cudn't even get online to witness the madness unfold !
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