Below are some observations which were posted as comments in the last post -
AAR VEE said...Some important observations today :
1. Option data has changed significantly today with 5300 puts exceeding the 5400 calls . Aggresive writing at 5300 pe when near to 5300 level and unwinding of 5400 ce later are bullish signal. We now should check its followup.
2. Good addition of 4% in NF with todays upmove.
3. 5320 now is the level to be watched on clsoing basis for upmove to sustain. Bearish below it and bullish above it on closing basis.
4. EW has moved to complete the min requirement of an a-b-c move from Fridays low. 5378 remains invalidation of this count.Confirmation below 5294.
The short term bearish probability was invalidated by crossing 5378 in last session though signals against it started coming on mondays trading session itself and likewise obeservations updated eod.
Now considering the move from 5032 as a 5 wave move up( calculations as mentioned in last post), we may now move positionally to 5450 ,5510and later above 5610-80 in this series/first week next series.
One should now keep 5320 as positional s/l on closing basis and follow the trend till invalidates.
AAR VEE said...The EW count may not be a 5 wave move up from 5032 but may be a double or triple ZZ in formation. The move today and subwave counts are not fitting in a regular 5 wave move.Will try and review detailed counts on weekend.
But still the trend is up with positional s/l at 5320 as suggested from last two trading sessions .
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Further to above observations are self explanatory charts :
Short Term Uptrend continues till we close below 5300 .
