Last Post cautioned the Longs, Extended target area starting from 6335, Bearish signals, Refrain for ultra bullish calls etc.
Market reacted on downside retracing the last pivot of 6032 in a faster time period. Now further --
1.
Break of the Trendline in Daily TF confirmed the Downside Bias.
Now likely retracing the Upmove from from 5119.
Bias Positionally on Downside till a firm close above 6200.
As mentioned in the last post, New Bullish Trend confirmation only on a Weekly close above 6350.
2.
In the Short Term may remain range bound for better part of the next week before resuming the Higher TF trend unless closes above 6200 firmly.
3.
One another Alternate Long Term Probability, bearish in medium term but may break out upwards later next year, (apart from the bullish one mentioned in the Last Post ) is shown below
6 comments:
Dear RV,
Congratulations & good wishes for Advisory services.
Rgrds,
Kumar
Thanks Kumarji for your wishes.
Regards
All good things in life do not come for free....Alas will miss your technical insights....what are the subscription plans....is it only nifty or do you plan to generate stock calls...please update your blog for wider audience....if your blog lives....I will keep adding fundamental hindsights...for your technical foresights...
cheers and best of luck....there is no doubt that you will do very well...
@Anonymous@V
Thanks for the wishes.
I have taken few batches of subscription earlier too as and when time permits.
This blog is updated as usual for technical analysis posts and comments even during the advisory period . and you are welcome to give ur views.
Subscription is for Nifty futures and options only. No stocks.
Will post details in next post.
Regards
UPDATE :
---------
The probability that its a subwave iv or wave 4 reduces due to the structure and time taken from the low of 5972.Though technical invalidation not done yet.
Taking it as a retrace of the whole downmove from 6343 to 5972. 6200-6250 zone now crucial fibonacci retrace area.
Move from 5972 can be a wave 2 or B as of now.
Rest of the insight remains same as mentioned in charts and posts as of now.
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