Nifty took support at 200dma in today's trading .This level will decide the action for the Short term as well as Positional play. Please check the last post for detailed insight-
Few observations -
1.Today's close was below last Week's low close as well as 10day low close. It also closed below the important 5750 level , 20 dema and recent Pivot low of 5735. It signals growing weakness in Price action.
2.The first target on the downside, near 5720 level was met today.
3.The second target as per Fibo charts is near 5625-50 range.
4. Now the SAR can be the 200dma mark . One should be prepared for whipsaw at this level. (Though there was no whips on daily closing basis, when broke this level on both the downside and upside recently - see chart above )
5. Options are yet to signal a bigger cut below 5700 level but FII's were on big Sell side today.
6. Sign of reversal will come on break of 5830 level now on the upside as per the Volume Profile.
7. 5600 will be the game changer level as per the EW alternate count mentioned yesterday. CLICK HERE for details of Trading Strategy .
Hi AarVee: Thanks for the comments and the thumbs up on my posts
I dunno whether you saw an old post of mine on risk. It is least read but I like it the most; since we were looking at money & greed, thought it might interest you
Have a good one. Cheers
good analysis rv!!!!!
Hi RV, :D
Just now noticed.
Good blog, keep it up.
As u know, EW is not my type.
Thanks KRG for the post link ,its good.
Its quite surprising that u saw blog now.
My first post at 'Third eye' was also at ojn, along with the link at footer, though I had planned to post at both places (like other members as Sri having their own blog) but unfortunately was barred from ojn.
Thanks for all the help provided earlier.
U have been doing great in providing all kinds of data at ojn and have added lots new in last couple of months during ur break.Good work!
All the Best
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