With pessimism all around, there is a contrarian probability of a Short term move on the Upside in the prevailing larger Downtrend. Check this out -
The Larger Trend is Down till closes above 5755 convincingly.
A Short term upmove can unfold if 5300 holds on closing basis. Below 5275 closing the Downtrend reasserts itself.
If a retrace of the move down till now happens, it may Target the 5675-5725 zone.
Hi Aar Vee,
Hope you are doing fine. As always a nice & clean analysis.
As I write, 3rd down has been negated by the market ...
Strong supplies from near 61.8%Fib of (4537-6229) is healthy sign for bulls & economy! Only thing it should get out of the volatility range to keep people out of panic.
Nice of you to drop a comment. Thanks . You r doing a wonderful job at your blog with the P&F method.
3rd as shown in red alternate count negates it's subwave count as of now on crossing 5755 (start of i to be crossed by ii).
But ya less chances of a 3rd down.
Looks like volatility is here to stay for few series more as there is turmoil locally as well as globally. One has to find / tune the method to cope with it.
Thanks aar vee, was out of market flat on face due to emotional trade in ranbaxy...regaining lost ground....cheers ....will bring fundamental and psychological insights...
Nice to hear you that regaining ground.
Emotional trade is a no no.
Losses have to be cut fast.
Pre determined risk.
Position size only that has manageable risk. etc are some basic rules of trading that we should follow but gets drowned when markets sucks us in.Easy to write than following.
Thanks for your patience and teaching the basics Happy Teachers Day.
IDFC LOOKS GOOD ON THE CHARTS....COMING OUT OF OVERSOLD POSITION...THERE WAS HEAVY OFFLOADING BY FII @ 2.2 CRORE SHARES AROUND RS 81....DUE TO CHANGES IN MSCI INDEX....TODAY IT HAS CROSSED ALL RECENT PREVIOUS CLOSING HIGHS WITH GAP UP....OPEN INT COMING DOWN IN DERIVATIVES SEGMENT...ALSO RSI SHOWING STRENGTH....QIP IN 2007 AT 124 AND IN 2010 AT 168...APPLIED FOR BANKING LICENCE....SHORT TERM UPSIDE TILL 95 TO 97 LOOKS IMMINENT...CHEERS...
Tx for the wishes and I reciprocate the same.
Only Mr. Market is the Teacher of Trading, rest all should be the students of it to learn & earn.
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