During the recent uptrend Nifty had taken support on the 25% line. It has now violated and has reached the 50% line.There is a good chance that Nifty may take support at 5870 to 5900 levels.
Dear Anand Kumar, If you notice we look at positional trades mostly here. It is perfectly normal to touch 6060 and then react. The thing is with the short term trend turning down, we look for a viable point to cover shorts and go long again, from a positional point of view. As I have been illustrating, my feel is that this reaction is one degree lower to the rise from 5477. That is why we keep thinking that this could be the b leg of B and it should consume some more time.C leg of B should take Nifty higher than 6114 possibly. Since the current strategy is sell on rises, we should use the rises to short again.Of course we wait for Nifty to endorse our view. In case of a dispute we simply follow her! Warm Regards
Dear Suresh, Aapne bahut kuch likh diya. Excellent. "C leg of B should take Nifty higher than 6114 possibly". Considering the western market situation where daily higher high are being made, there may be possibility of a crash coming soon which astronomically also proves it. Thanks for explanation. Regards
3 comments:
Dear Suresh
I think first we shall touch to 6060-80 level and then back to 5870 level.
Regards
Dear Anand Kumar,
If you notice we look at positional trades mostly here. It is perfectly normal to touch 6060 and then react. The thing is with the short term trend turning down, we look for a viable point to cover shorts and go long again, from a positional point of view. As I have been illustrating, my feel is that this reaction is one degree lower to the rise from 5477. That is why we keep thinking that this could be the b leg of B and it should consume some more time.C leg of B should take Nifty higher than 6114 possibly.
Since the current strategy is sell on rises, we should use the rises to short again.Of course we wait for Nifty to endorse our view. In case of a dispute we simply follow her!
Warm Regards
Suresh
Dear Suresh,
Aapne bahut kuch likh diya. Excellent.
"C leg of B should take Nifty higher than 6114 possibly". Considering the western market situation where daily higher high are being made, there may be possibility of a crash coming soon which astronomically also proves it.
Thanks for explanation.
Regards
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