ANALYSIS BASED ON TECHNICAL PARAMETERS(NO NOISE) NIFTY TODAY WITH A GAP UP IN THE MORNING EXHIBITED ITS INTENT AND FUTURE DIRECTION...HOWEVER AS DAY MOVED ALONG ...THE MOMENTUM FIZZLED OUT AND THE VERDICT ON AGR ISSUE WAS THE FINAL NAIL ON THE COFFIN....NOTWITHSTANDING I AM NOT AT ALL BEARISH( MY PERSPECTIVE) RATHER GIVING A MORE BULLISH TARGET FOR TOMORROW...NIFTY COMPLETED WITH ITS LEADING DIAGONAL AND CORRECTIVE CYCLE AND LIKELY TO COMMENCE WITH ITS THIRD(3) WAVE....PLEASE WATCH OUT FOR IMPORTANT LEVELS AS MENTIONED IN THE CHART. ASSIMILATION ONLY FOR EDUCATIONAL PURPOSE. TRADE AS PER OWN RISK ASSESSMENT.
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LINE OF INVALIDATION(EXTREME AREA) 11342
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EXPECT A SHARP DECLINE TOWARDS 11292...TRADE AS PER OWN RISK ASSESSMENT.
Sir, with due respect would like to put across my observations ...the correction from the levels of 11340 to 10880 was impulsive ... corrective patterns starting with an impulse has to be a zig zag or a double/ triple zig zag ..so under no circumstances nifty could have crossed 11340 levels... thats exactly what happened today ...index took a reversal from that level... my second point is, wave A completed with 10880, Wave B ended up as a triangular correction ... N I guess Wave 1 of Wave C has commenced starting 11325 .. However, analyzing the options chain, there's a strong support at 11200 levels ... However my view on Nifty for short term is bearish ... tomorrow, I think the level of 11300 needs to be watched out for (expecting either a gap up/ a rally) , if it cant sustain that level then I guess, its a fall ... Views are purely personal and only for educational purpose
bimalscave
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@raj0778, just for my curiosity...what's your logic for arriving to a conclusion that the wave starting from 11340 to 10880 is impulsive...i my hear very naive...
raj0778
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@bimalscave, it’s simple wave counts .. fall of 450 odd points in a span of 4 days with two intermediate corrections has to be impulsive
bimalscave
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@raj0778,that's why i earlier said...i may hear very naive...we need to understand the psyche of the wave...what is the criteria to differentiate between an impulsive and a corrective wave...is it the rate of change or be wave counts only or it is something else ...think and let me know...no offence...because that has been my only critetia and first step...prior plotting...
raj0778
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@bimalscave, EWT is complex n definitely rate of change is not the primary criteria, wave count is .. but would recommend u to to zoom out ur chart n do a wave count .. i found it to be 5, n I might be absolutely wrong
bimalscave
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@raj0778, So you mean to say a 5 wave structure is always impulsive...
@raj0778, simple zig zag with B wave zig zag...in this case lower degree wave will restrict your actual wave count...
raj0778
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@bimalscave, degree, another important aspect.. if u look at the rally from 11114 to 11340 .. it was an impulse.. same was corrected in the first leg (wave 1 of A) .. so lower degree taken care off .. from there it corrected right till 10880 levels .. so now we should be looking at next higher degree
raj0778
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@bimalscave, more so, I personally analyse the chart top down to get a broader perspective.. as I said, I might be wrong .. however, posted my comments as purely my personal observations .. no offence, we can respectfully agree to disagree n let market unfold it’s cards .. after all, market is the biggest teacher n we r all naive n shall always be