iCharts Discussions

[saumya12]

[rrk2006hyd]

[shekharinvest]

Nifty is at a critical juncture at almost previous highs. Whereas MACD is showing a clear divergence.

LOOK for sell signal in STS and MACD. A fall can be anticipated.
If prices closes above the previous high bull run might continue. As long as Divergence is there up move will be suspect.

Incidentally it also completes a part of C&H pattern as shown post few steps below.

Happy Trading !
SHEKHAR

[shekharinvest]

Those who have interest in Elliot waves. A fast retracement is about to happen. Nifty Fut. HRLY chart is enclosed.

SHEKHAR

[rk_a2003]

Nifty long term monthly chart...self explanatory.

[amitagg]

[rk_a2003]

[saumya12]

Hi Shekhar

You havnt posted Elliott Wave chart since long.
Please post latest chart, if possible for you.

Thanks

[amitagg]

[shekharinvest]

Starting from the lows of 4534 we had wave 1 as a leading diagonal ending at 6229. Wave 2 corrected to 61.8% + levels and thereafter we are enjoying a wave 3 move. (A possibility was suggested as an alternate count last Aug.)

For now W3 has already moved beyond normal i.e. more than 161.8% of wave 1 next possible extension is 176.2% or 200% at 8091 & 8495.

Now look at the internals of wave three starting from 5105 which appears to be nearing completion. W 3 ii retraced merely 38.2% of W 3 i, the normal end of wave 3 comes at 6181. If we further go down and look into what looks like a wave 3 v, it is forming an Ending Diagonal and we are at W 3 v (4).

In nutshell, keep an eye on 8091 -8161 range we may have a meaningful correction starting from there.

Happy Trading!
SHEKHAR

[a1b1trader]

Thanks Shekhar

Its
Nice chart
Nice explanation

Please keep posting

[shekharinvest]

Starting from the low of 46.55 on 30/08/2013 RCOM was in an impulsive move which ended at 164.65 on 17/09/2013 a clear five wave up move can been observed.

17/09/2013 onwards RCOM is in correction mode wave a made a low of 106.75 followed by wave b up move which ended at 157.25 about 80% retrace of wave a.

Wave c down has started from 157.25 which is still continuing. A 61.8% retrace of the previous impulse comes at approx 91 and for now wave c has made a low of 93.05 on 26/09/2014.

Has wave c ended thus the correction completed ? The next impulsive wave is about to begin ???

Let us look closely into the wave c. Wave c always consist of 5 subwaves, here we can visualise that presently RCOM is in c (iii) (still on). c (iv) and c (v) are still on unfold.

Keeping all the above in mind we can for sure say that there is still some more downside left in the RCOM.

Where can this downfall end ? Some reasonable estimate/guess can be at 74-77 range which happens to be 76.4% retrace of the impulsive move and also 138.2% extension of corrective wave a. Confluence of Fibo ratios is one important region to lookout for.

If it goes deeper than the next lower level could be 64 approx. which happens to be 161.8% of the wave a what is quite normal for wave c to travel.

Once we are able to define the end point of wave c (iii) we will have a better estimation where the wave c could end. So keep a watch on the internals of wave c and catch the next BIG MOVE UP !!!

Happy trading !

SHEKHAR

NB: All Fibo values are approximation on visual basis they are not calculated values.

[kaydee11]

Shekhar Sir

NIFTY and BANKNIFTY charts with comments also.

Thanks

[shekharinvest]

RECAPITAL:

Chart is self explanotary. Be prepared to buy soon.

Happy Trading !


Wishing a very Happy Vijaya Dashami to ALL!!!


SHEKHAR:mrgreen:

[ragarwal]

thankyou shekhar sir,an update on nifty and jpa please