Author: niftytechblog

Nifty 11-10-2017

Today Nifty broke up trend line. Possible that current ‘X’ wave is complete and next wave correction (A-B-C) has started

Nifty Hourly

Nifty Daily

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Nifty 27-09-2017

There is possibility of pull back tomorrow. If that happens, aggressive trader can make hefty profit in view of tomorrow being expiry date.

Technicals giving some indication of reversal which I am highlighting below:

Daily

  • We are near Low of 11th Aug – 9685 as shown in Daily chart below. If Bulls have to come back, this is the place.
  • MACD is near zero (reversal zone)
  • RSI near 33 (reversal zone)

Hourly

  • I can see 5 wave move down which is in matured stage
  • Divergence in MACD
  • Divergence in RSI

Following strategy can be applied for Big gain, if it comes

  1. Near support area 9680-9700, look for reversal candlestick pattern in 5 min.
  2. If found, buy 9700 CE or 9750 CE
  3. Stop Loss: 2 points below LOW of reversal candle stick as in point 1.

NOTE: I already see a candlestick reversal pattern (hammer/dragonfly) in hourly chart (last bar). Hence I am not sure if reversal has already started or will it give better opportunity tomorrow

Daily Chart

Nifty 27-09

Hourly Chart

Nifty H 27-09

Nifty 19-09-2017

Is current up-move(correction) over?

Channel resistance line, Indicators suggest that we are near next wave down.

  • Divergence (MACD, RSI) in Daily
  • Daily RSI in reversal zone (62-67 level). Same in Hourly
  • Divergence in Hourly
  • Near all time high(resistance line)
  • Near Channel resistance line (hourly)
  • Last 2 days support at 10130-31. This will be 1st support to watch for

Nifty Daily

 

Nifty Hourly

Nifty 13-08-2017

Finally much awaited correction triggered off this week. In a weeks time, Nifty corrected 20% of this years rally.

Its too early to say which form of correction may happen like – Flat, Zigzag, Triangle or combination (complex correction). Soon we should have clarity on this.

Nifty took support on Trend line drawn from Feb 2017. Break of this like should take nifty to next support zone, which is at around 9500. Hoping that this Trend Line will give support for some time.

Nifty Daily 13-08

In Hourly chart, I have put both main and alternate count.

Main count is that its moving in 5 wave and alternate as 3 wave.

we see that wave (iii)/c has completed 2.62 length of wave (i)/a – A perfect Fibonacci expansion level. Normally with such expansion, we should see more followup on downside (as my main count).

If its moving in 5 wave, then wave (iv) should complete in 9800-9840 range else possible that, last Friday’s low, Nifty has completed a-b-c pattern and next move will retrace much of current fall.

Nifty Hourly-2 13-08

Nifty Hourly-1 13-08

Also, below I have updated my long term view on price/time

Nifty long 13-08

Nifty 02-07-2017

Today I am changing some of my short term views on Nifty..

  1. I think whole of June month was a correction. Below you can see that in Daily chart, Long term trend-line is broken. Hence we are now in 3 month correction which started in June. I am going back to view which was referred on my 23rd May blog…  https://niftytechblog.wordpress.com/2017/05/23/nifty-23-05-2017/
  2.  Current upmove(wave 3) was in 3 wave form and not 5 wave as I was referring earlier. I just checked my wave 1 count and see that it was referred as 3 wave upmove. Hence wave 3 has to be 3 wave move and not 5. See daily chart https://niftytechblog.wordpress.com/2017/02/11/nifty-11-02-2017/

Having said this, below is my chart update. Also I am sharing my projections as per Elliott wave for this upmove (wave (4) and (5)). Below is rough estimate of move I am expecting in coming weeks.

projections

Below is Daily chart as per new projection

Nifty Daily

Other updated charts

Nifty Hourly

Nifty Weekly

Nifty Monthly