5900 level looks like a good support from where a bounce for the next move up can be expected.
- 5d Volume Profile shows good support at 5890 level.
- Option Analysis shows 5900 strike puts having O.I. of apprx. 95 lacs giving good support. Even 6000 strike puts have somewhat larger O.I. than calls at same strike suggesting bullishness.
- Apprx. 5905 level is the 5d low ema and apprx. 5915 is 7dema , from where bounce can be expected.
-Volumes in today's fall were lower than volumes during previous trading days of upmove ,suggesting that this may only be a pullback before next upmove.
5 comments:
Nice Analysis.. Vot is the probable target of this final wave, 5th??
Hi Hari,
5th normally goes above the 3rd ,it can also end truncated or as a failure near 3rd.lets see where 4th ends ,it may equate at least 1st in price i.e. 165 points and can move further in fibo. extensions ratios.
Point noted Arvee.. Closed my puts in the morning bought 6000ce.. Where this B wave will stop?6100 or 6250+
AAR VEE,
Great going. While searching for mark galasiewski interview on ET NOW on Friday Sept 24 morning show, i came across very educative Elliot Wave counts. Worth a look.
JUST TELL ME WHEN THE RETRACEMENT WILL COME, if you can !!
http://www.ibtimes.com/news/63015/20100916/forex/elliott-wave/elliott-wave-forex-education-learn-to-trade.htm
http://stockk4sure.blogspot.com/2010/05/mark-galasiewski.html
an older article
http://www.mudraa.com/trading/64758/0/nifty-target-aareskay-discussion.html
@ Hari
c- 4th was on and as suspected had ended near 5930 levels.
we are in the 5th now ,the final upmove since 5350
@ alpha 1
thanks for the links.pl. keep sharing the useful inputs.
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