The Short Term direction came on RBI policy and gave a good downside move below 20dma at 5840 apprx then. Now let us take a look at new signals developing as of now and the trading probability .
1. Weekly Chart :
Though its speculative as of now but a probability that we may be trading in a Wedge Pattern since 4530 may be developing .
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I will be updating some Long Term Counts and Probabilities based on this in first half of April.
2. Indicators :
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Positive Divergence is visible in both Daily and Hourly time frame which is to be confirmed yet by the Price move.
3. Volumes :
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High Volume activity is visible near the lows ,higher than that near recent Top , may be Buy side volumes.
4. Elliott Wave count in Short Term :
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Trend is Down as of now. Probability of Nifty bottoming out (at last session low ) or nearing the bottom (an upmove followed by retest of bottom / below it) is high. Close above 5750 or trading above 5792 will validate the reversal for a Positional Upmove in the Short Term. Hedged Longs planned on above probability may prove to be a good short term trading opportunity
4 comments:
Weekly chart showing some hopes to bulls, yet a price confirmation is required. Thanks for sharing a different view to me.
Trading can be so easy with RV's insights.....Dear RV can you give some insight on Ranbaxy...Regards
Dear RV Sir,
As usual good work...I've started buying as I see good opportunity of upmove. My SL is 5580 NS.
Rajapvt,Sreyo,Anonymous@V - Thanks for ur comments .
Sorry not looking at any stocks for analyzing and trading .
Regards
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