iCharts Discussions

[hasten]

Nifty has eluded us since last couple of weeks, and thats probably because we are in a bull trend already. I have given up forcing market as per my count, and have tried to see what market is telling us, and the chart besides shows what I think market is telling us. We are extending in wave (3) of [3]. Once this wave (3) is done, we may see a brief correction to 5040, only to resume wave [5] up. The 261.8% projection of wave [1] comes around 5300 levels, i feel the probable target for this whole up move in wave I may reach this area around 5300. Kudos to those who were adamant bulling during this rally.



Regards, hasten



When in doubt,get out and don't get in when in doubt .

[hasten]

This is the chart which was posted on 9 Dec 2011, please refer the post here. We said there were two possibilities on DX one of an extended up move, and one that of a triangular consolidation. In the 'triangular consolidation' view, we had a possibility of wave E either completed or one more up leg possible to finish it. In today's post I am giving a chart which suggests a possible DZZ in wave E of {B} before an extensive down slide begins from here.

This adjacent chart shows that DZZ formation. We might correct right now till 78.25 - 77.40 levels, to complete wave (b) and then rise one more time to complete the wave [c] of this DZZ correction. What may happen only time will tell, but its always good to have a few road maps the prices may take in due course of time. Our other two vies of the post on 9-12-11 are still in play.



Regards, hasten


Every dream has a price

[pkholla]

Earlier reply from hasten: You can draw your own too in simple way just draw on bar chart and switch to candlestick chart (very simple ) .the problem is ,in my charting platform (which i am using for elliott wave analysis ) there is no option for candlestick chart ,but if you required any particular chart with candlestick ,i will draw for you . Regards, hasten
hasten: thank you for the reply and tip. will do as you suggest. no need for you to take trouble (esp after your clarification about charting software) regards prakash holla

[hasten]

[DEVIKAUSR]

DEAR SIR
GM

I HAD SHORTED A CALL OF TATAMOTOR ie 245 CALL@5.30(FEB)
SHOULD I WAIT OR BOOK LOSS
PL ADVICE
REDARDS
KAUSHIK

[hasten]

[hasten]

This is my attempt at long term analysis of USDINR.
Looking at the bullish picture that is emerging in Indian equities, I have labelled two scenarios one which is ultra bullish for INR and another where the rally in INR will be limited to 44 - 42 range.

Case I : USDINR completed an impulse in 2002, and since then we are forming a huge 'irregular flat' pattern, the waves (A) and (B) are done, and now we are embarking on wave (C) of that correction which should be especially severe on Dollar against the Rupee. Rupee will stage a big rally and may target the price area around 34 - 33 range. This may sound a bit audacious at this juncture but one must be mindful of the fact that Elliott waves are fractal in nature, and play out in the same manner no mater what the time frame under consideration.

Case II : This alternate scenario is marked with wave labels followed by a question mark, but I am not sure of the probabilities associated with these count, so at this stage I am considering both of them equiprobable. Now as per our alternate count, what ended in 2002 was actually the wave (III) of this big rally in USDINR, and we completed wave (IV) in 2008, what occurred during 2008 - 2009 was wave {I} of the wave (V) of this big impulse wave. Following wave {I} we formed waves A and C of an irregular flat correction, and are now falling in wave C of {II} and should find support around 44 - 42 levels. This scenario may not be as bad for USDINR as case I.

Obviously Case I is very bullish for Indian equities, whereas Case II is bullish in the short term but will prove bearish in the medium to long term. I would like to draw your attention to a recent development, where India and Iran have entered into a pact, according to it Indian will buy Crude-oil from Iran but will pay them in GOLD not Dollars. Can this be the start of major economies fueled by domestic demand and not credit expansion, rejecting the Greenback as the globally accepted medium of exchange. As always only time will tell.



Regards, hasten


Someone is sitting in the shade today because someone planted a tree a long time ago.

[vinay28]

34 a dollar by 2017 looks more plausible

[hasten]

Nifty weekly count update



Regards, hasten




I strive to put in perfect trades again and again, every time, always.

[hasten]

Nifty daily count update



Regards,hasten



Trading is easy, you don’t need nuthin fancy just buy when it’s going up and sell when it’s going down, that’s all there is to it.

[hasten]

Nifty turned down today, and as mentioned earlier we are forming wave [4] of this impulse move, in wave I. So I am looking for support around 5040 - 5000 levels. The corrective pattern at this stage looks like a zigzag, but this being a wave [4] we cannot be too sure, first three wave move may give rise to a flat or a triangle. The upside target for this wave I is around 5400 levels, so there is some more upside left still. Look for reversal signals in 5040 - 5000 band.
(Kindly refer my daily and weekly count to get my count on the bigger picture.)



Disclaimer :This is my personal opinion , this is not a solicitation to buy or sell. I do not accept responsibility for financial decisions taken by any forum member . The aim is to provide a reasonably accurate picture related to opportunities based on technical charts. Please be confident on yourself too before investing.



Regards, hasten



Always follow trading plan to get profit in the long run.

[hasten]

Nifty may not have finished wave [3] as of yet, we may be in wave (5) instead of [5], so there is some upside left still in this move and it looks like we may be headed for 5400 for sure. Look for wave (5) targets around 5300 5350 levels. Prices are rising in the acceleration channel still, we must break it to form wave [4]. Also spot the ZLR formation on MACD on wave (4), and RSI snapping back from OS levels. Prices may target upper channel boundary for wave (5).



Regards, hasten



Trend is your friend unless it is about to end!

[hasten]

Nifty is sporting 3 different possibilities, two bullish, one bearish. Lets discuss them one by one.

A. Bullish case 1, we might be extending in wave wave 5 of {3}, and we get target for wave {3} around 5400 levels.

B. Bullish case 2, wave 4 of {3} may be forming a triangle and target for wave {3} may be around 5350.

C. Bearish case 3, a low probability expanding diagonal may have completed at (5) as shown in the chart and we will have to tank below the wave {4}at 5159.20 to confirm the count.

I am looking for an extension of wave 5 of {3} or a triangle in wave 4 of {3}, and according to the two preferred cases we might get some more upside may be around 5350 - 5400 levels.


Disclaimer :This is my personal opinion , this is not a solicitation to buy or sell. I do not accept responsibility for financial decisions taken by any forum member . The aim is to provide a reasonably accurate picture related to opportunities based on technical charts. Please be confident on yourself too before investing.




Regards, hasten



Efforts r never waste even when it leads to disappointing results, because it always makes u more prepared , stronger,capable and experienced.

[hasten]

[DEVIKAUSR]

Defeat is not final when you fall down. It is final when you can't get up.

goodmoring sir very well said