I think Nifty is in uptrend.
Below is Hourly chart.
- Wave 1 completed or near completion. We can see RSI divergence.
- Wave 2 in progress. Wave 2 can retrace to 50-61.8% level i.e. 8100-8050.
If this is indeed wave 2 then look for
- price to retrace from Fibonacci level as said above for wave 3.
- RSI should take support at 33-50 level, as marked by red box. If RSI stays below 33 level for sometime, I may need to change my view on below wave count.
As said in previous post, Nifty turned UP today. Wanted to catch this kind move and we made 1-2 unsuccessful attempt earlier, no loss though. Today, it already gave 5 bagger and if it goes as per plan it should be 10-15 bagger by expiry.
This kind of opportunity is seen 2-3 times in a year. Last time was in May 16
Lets see how thing goes tomorrow and day after.
IMPORTANT: Anyone playing should use 34 EMA in 5 min as entry & exit for next 2 days OR previous LOW in 5 min as stop loss to protect profit.
Below is 5 min chart with 34 EMA
I am expecting, Nifty making TRIPLE complex correction.
Same was said earlier
If TRUE – Final leg down ‘(c)’ should take 10-11 days to complete. Best time of reversal would be 27th Dec post noon time.
After completion of this ‘(c)’, this correction will complete and we’ll see upside move.
Below is Hourly Chart
Market mood is very bearish due to various factors like Trump, Demonetization, rise in dollar index etc…Sometime this kind of mood gives big return in market especially during last week of derivative trading. So be vigilant for possible opportunity in upside.
Please refer below link to understand where I am coming from
Below is hourly chart.
- Price in RED BOX shows Reverse divergence and normal Divergence in RSI. To me, bulls are just waiting for opportunity (you can google for ‘Reverse divergence’ for more learning)
- Last support at 8000 and 24th June support at 7927. This zone 7927 – 8000 can be potential reversal zone
- Would like to see
- price in range of 7927 – 8000
- Divergence in RSI and/or MACD
- Reversal candle stick in hourly/daily ( for reversal candlestick refer my post on 22-08-2016)
- Timeline by coming Monday-Tuesday
If above pattern setup happens and things go in our way – It could give multifold returns in options in next week. Can invest small qty to buy CE8100/CE8200
If I get chance, I will try to update this blog………..
Trump or Clinton ?
Nifty reached to bottom of channel in hourly chart. This should bounce soon if this movement from last 2 month is corrective. Expecting bounce soon
It is said that if
- Clinton wins – good for market
- Trump wins – Bad for market
Seeing hourly chart below, it seems current down move over and next move should be upside. Hence if I have to speculate using elliott wave – its Clinton who is going to win US presidential election.
Not expecting much from nifty. It should continue its correction mode for at-least till November end. Correction are always difficult to predict.
Possible(just a guess) that it may complete TRIPLE complex correction before upmove.
We are now on 2nd correction. Each correction(including ‘x’) taking around 1 month time starting September.
Below is Hourly chart from start of correction.
- Moving nicely in channel (sign of correction)
- MACD oscillating along zero line (sign of correction)
- RSI taking resistance at 62-67 level.
- Giving some level for entry (SELL side) at end of (b) or (x).
- Channel, divergence and other support area can be used for BUY
As said earlier, I am expecting nifty to move in consolidation for some more time. In very short term wave a-b seems to be complete and wave c may go till 8870-8900.
a= 8555 – 8807
b= 8807 – 8664
c= in progress..expecting to go till 8870-8900