Tuesday, October 14, 2014

Nifty Technicals for October 14, 2014

Nifty seems to be undergoing a complex correction in the recent legs of 30 min chart.What is of practical interest to us, is what will Nifty do next. It has formed "a"wave of three legs.
Currently it is in "b".Our interest is to know whether we have a flat formation here. So in this "b" leg, we must see an abc  and also to know how far Nifty will travel.Minimum distance b wave has to travel is upto 7905. But " b" also can travel beyond the beginning of "a" ( 7972).If one is long, then 7905 becomes crucial. If Nifty reverses from 7905, then we can go short at 7905. "c" should start downwards. In fact the size of b will tell us,  what will be the next move...  


  1. Dear Sureshji,
    looking at chart , you are expecting c to go downwards below 7796 ( lowmade yday ), looking at fibo ratios i mentioned yday in comment section and move seen today while making intraday top of 7928 so far,we can see clear 5 sub waves of move from 7796 to 7928 and it has retraced by 76.4% also at today's low so far at 7826. so is it possible that c shown at 7832 actually ended at 7796 yday?

  2. Dear Pankaj,
    I have replied by way of a post.Please see.

  3. down ward movement from 8180 to 7724. i think it is ABC formation.
    8180 to 7925 A
    7925 to 8160 B
    8160 to 7724 C
    in C
    8160 to 7724 in abc x abc

    more over, 7422 to 8180 is 758
    8180 to 7724 is 456 points which is around 61.8%

    if we compare US markets, they topped out when we made lower top at 8160 after 8180 top.US markets seems to be bottoming i feel at least from here on wards we may move up rather than down.

    Pankaj Shah -
    chart sent to u in google hang out.