As analyzed in the last post , a Rally to the mentioned target zone near 5675-5725 happened from the support zone of 5295-5335. Now lets check further -
1.
2.
The likely target on upside may extend to the 5785-5835 zone where Resistance may come to this rally. The reaction in this resistance zone and that at supports zone of 5450-5550 will decide the Move further. Trend in the short term will become Neutral in this zone where as it will still be Down in Medium term till gives a Weekly close above 200dma .
8 comments:
Tks RV,
pl also update probable LT counts from 2008 lows again , when time permits
rgds
thanks rv :)
Hi RV
Is it X wave or B wave?
events to watch will be hike in diesel prices and revoke ban on iron ore exports ( usd 10 billion annual figure ) will automatically narrow down CAD....watch the rupee...it is oversold .....may stabilizearound 60 kind of levels...Aar-Vee please comment on idfc chart if possible...
@Shriram,
I have showed a triangle in monthly chart in the last post corresponding to a wave 4 from 2008 top. The comment in it about the probable 'e' of it in an overthrow ,whipsawing the trendline. Alternate can be a wave C which may form a combination correction as W-X-Y etc as suggested by subwaves a-b-c from 6229 after a B done there. Still may be wave 4th from 2008 with lower TL of triangle to be shifted and redrawn
These may not help in short term trading but helps in insight.
Regards
@vj
Thanks
@Okay
U may mark a-b-c from 6229-5119 as a W and this move as X. same as B.
Anonymous@V
Sorry once again for IDFC , I do not even watch Bank Nifty . Have my hands full in Nifty only.
Closed above 200dma and the Resistance zone mentioned in the post.
Now 5780-200dma to be watched for Support and Trendline joining 6229-6093 for Resistance.
Close below 200dma will now be bearish.
Dear AAR VEE Sir,
I am silent Follow your views Really great... Really Very Useful to all Beginners...Nifty Close Below 5780 then only down trend right sir... otherwise next target point 6093 ?
Thanks
Vijayanand
@ Anonymous
Thanks for kind words but frankly this blog is not for the beginners but for traders having basic knowledge of technical analysis so that they understand the insight and how it was arrived at,low risk zones to initiate trade ,targets while having their proper risk and money management.
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