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MY CHART (AND YOUR TOO.............) |
hasten
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Joined: 30 Jun 2011
Posts: 216
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Post: #16  Posted: Thu Dec 22, 2011 12:52 pm Post subject: |
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This is a 10 min chart showing possible development in wave {c} of (2). I could not count a clear corrective pattern after the sharp fall on 16 Dec, and a subsequent impulse to complete a 5 wave move. But markets as we know are known to do their own thing. If we count the price action on 19 & 20 Dec as a 3 - 3 waves as shown on chart, we must expect a 5 wave rally to complete an irregular correction, around 4740 levels. But its always better to just follow the markets without asking questions, we will be better off.
Previous resistance 4640 now has been a support with 4610 and previous support like 4710 has been resistance.
So, NIFTY must close above 4720 for a rally till 4800+.
Below these levels Market may remain bearish. On basis of historical data. Technical supports for a year end rally.
Trend required for Upside Rally...
1. NIFTY should not close below 4640.
2. NIFTY requires strong closing above 4710.
Trends can weak market..
1. Closing below 4640.
2. Breaks support of 4560.
3. One more close below 4600 may spoil hops of SANTA RALLY.
So, kindly update yourself for the view on NIFTY for rest of the series.
Make it sure on 29th Dec We may have a strong rally.
Regards. hasten
Trading is a game of survival. If you can protect your capital,you can always live to trade another day.
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Rubic123
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Joined: 17 Feb 2010
Posts: 8
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| Post: #17 Posted: Thu Dec 22, 2011 4:04 pm Post subject: Your nifty chart. |
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Hasten,
Was watching your chart keenly and correct me if i am wrong.
today 4 down violated the territory of 1?
1 as per your chart was 4660.
Todays low was 4538 (considering this to be end of 4).
Regards
rubic123
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vinay28
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Joined: 24 Dec 2010
Posts: 11748
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| Post: #18 Posted: Thu Dec 22, 2011 7:31 pm Post subject: |
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| Hasten, was today's close a "strong" one above 4710, according to you?
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hasten
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Joined: 30 Jun 2011
Posts: 216
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| Post: #19 Posted: Fri Dec 23, 2011 1:09 am Post subject: Re: Your nifty chart. |
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| Rubic123 wrote: | Hasten,
Was watching your chart keenly and correct me if i am wrong.
today 4 down violated the territory of 1?
1 as per your chart was 4660.
Todays low was 4538 (considering this to be end of 4).
Regards
rubic123 |
Absolutely right ,But here i want clear some points,look at the chart u can found todays data is missing ,because i have draw it yday, if you focus on last bar u can found a falling wedge pattern which i have drawn by pencil (if u ask that why i have not posted this yday the answer is many people here are believing "Trade what u see not what u believe " ,and i also don't want to show you and other folks the trailer of film which has might chances to release )
My yday's estimate was that nifty opened flat-to positive (because market showed good rally on tuesday ) but nobody can predict gap-up and gap-down perfectly .
According to my approximation, i expected that nifty will give a pull back on channel near 4668 before reaching 4740 .
But unfortunately nifty opened with gap-down ,that's why channel's support become lower and nifty meet 4637 and violated wave 1 .
I got whipped by bed gap-down opening .if i knew about gap down than i can start my wave count from 4631 (1)(20-12-2011 2.45's high ) ,that's why i posted support and resistance levels around my estimated levels (4640 for support,please read that massage )along with chart in my outlook massage .(small suggestion if are are fallowing my charts try to consider my massages too )
I AM POSTING A CHART FOR MORE EXPLANATION.
Regards, hasten
I strive to put in perfect trades again and again, every time, always.
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hasten
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Posts: 216
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| Post: #20 Posted: Fri Dec 23, 2011 1:21 am Post subject: |
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| vinay28 wrote: | | Hasten, was today's close a "strong" one above 4710, according to you? |
Posting some chart with my updated view .
Regards. hasten
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hasten
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Joined: 30 Jun 2011
Posts: 216
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| Post: #21 Posted: Fri Dec 23, 2011 1:26 am Post subject: NIFTY |
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We have completed waves {a} and {b} of this proposed wave (d) of [5] of I. The target for wave {c} by equality comes around 4810, but 4840 marks a very important level to watch out for. Above 4840, we will see 5100 in a flash.
Regards, hasten
Someone is sitting in the shade today because someone planted a tree a long time ago.
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hasten
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Joined: 30 Jun 2011
Posts: 216
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| Post: #22 Posted: Fri Dec 23, 2011 1:30 am Post subject: NIFTY |
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This chart shows possible resistance to this up move coming around 4840. But above this level the next stop is not before 5100, we will have to reevaluate our count if we break out above 4840. But if we get resisted at 4840, then the down target is in the range of 4500 - 4400.
Regards, hasten
Good trading is not about being right,it is about trading right.If you want to be successful,you need to think of the long run and ignore the outcome of individual trades.....
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hasten
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Joined: 30 Jun 2011
Posts: 216
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| Post: #23 Posted: Fri Dec 23, 2011 1:35 am Post subject: NIFTY |
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The proposed TZZ on daily chart has actually turned out to be a 'Leading Diagonal' as wave I down of the bear markets. This is very typical way to start a bear market. We may be forming a an ED in wave [5] of I down.
Regards, hasten
You know my method. It is founded upon the observation of trifles. It is, of course, a trifle, but there is nothing so important as trifles.
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vinay28
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| Post: #24 Posted: Fri Dec 23, 2011 8:33 am Post subject: |
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| Many thanks hasten. very well explained
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hasten
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| Post: #25 Posted: Sat Dec 24, 2011 2:07 pm Post subject: NIFTY |
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Nifty is has remained on its path to wards 4840. Nifty completed an ED during the day, and corrected after that, as can be seen on 10 min chart. I feel that wave B is done, and we should see a rally tomorrow towards our resistance zone of 4840 - 4820, to complete this corrective wave (d) of [5] of I. Beware though if 4840 - 4820 levels are taken out the next resistance comes around 5100. MACD and RSI took support on the trend lines we had mentioned, also on hourly chart we can see a possibility of a 'bullish hook' on MACD, and a '50 level reversal' on RSI. All in all we see a possibility of another leg up towards 4840 - 4820 levels.
Regards, hasten
Good trading is not about being right,it is about trading right.If you want to be successful,you need to think of the long run and ignore the outcome of individual trades....
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S.S.
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Joined: 09 Feb 2011
Posts: 241
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| Post: #26 Posted: Sat Dec 24, 2011 3:10 pm Post subject: Re: NIFTY |
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| hasten wrote: |
Good trading is not about being right,it is about trading right.If you want to be successful,you need to think of the long run and ignore the outcome of individual trades.... |
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bullseye
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Joined: 26 Oct 2010
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| Post: #27 Posted: Sat Dec 24, 2011 8:28 pm Post subject: Re: NIFTY |
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All in all we see a possibility of another leg up towards 4840 - 4820 levels.
Your levels rock Hastenji......Can you kindly look the Daily chart and tell if its showing a possibility of a move till 4950 by 1st week of Jan ...regards.
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druzva
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| Post: #28 Posted: Sat Dec 24, 2011 10:50 pm Post subject: |
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Hasten matlab DON... bhaai excellent stuff. keep this thread alive.... 
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hasten
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Joined: 30 Jun 2011
Posts: 216
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| Post: #29 Posted: Sun Dec 25, 2011 12:37 pm Post subject: Re: NIFTY |
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| bullseye wrote: | All in all we see a possibility of another leg up towards 4840 - 4820 levels.
Your levels rock Hastenji......Can you kindly look the Daily chart and tell if its showing a possibility of a move till 4950 by 1st week of Jan ...regards. |
Yes according to daily chart there is strong possibility for up move ,I already posted a chart (along with explanation) ,u should to scroll down this page and check my 22 december's last post ,but i m not sure about
time ,because expiry around the corner and before this expiry it is very difficult to say what will be happen in next series or how much time it will take to reach 4900 , let it passed away. after that i can tell any thing. ( it is very difficult to predict without options data and currently we have only present series options data .if we look at the current data then i m expecting 4870 may come before expiry .there is huge build-up in short and trigger of Short-covering will lead to rally but this is MY PERSONAL VIEW )
Note: This is my personal opinion on nifty , this is not a solicitation to buy or sell.
Regards, hasten
If Your Trading Performance is Good, it's Only Because You Haven't Yet Made it Better!
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hasten
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