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[priyaraj]

Nifty Update 08-03-2015

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[NFTrader]

Hi Rajesh

Very nice and detailed analysis
Please keep posting regularly
If possible then please post for BankNifty also
Thanks

[ud1981]

Thanks for giving the great call. I guess today we would be making the low point "a" of the corrective wave around 8820 levels (20 DMA) and may see a dead cat bounce to make point "b" and so on....

[priyaraj]

Hi NFTrader,
I will keep posting my study time to time. Sorry, I couldn't follow bank nifty because of time constraint.

Dear ud1981,
As said in my analysis, I was expecting this fall to be 'c' wave..which is 5 wave. So I am not expecting it to be a-b-c. I could be wrong..
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Today it has taken support on trend line as on daily chart. I still believe it to fall another 100-200 points before next upward rally. Today's GAP should not be filled..else I will have to count differently.

I made good money today and see that DOW is up 170 points now. Today(10/03) if there is GAP UP, then wait for first 5 min. if top of 5 min candle is broken, I will square off my all position and re-enter when low of this 5 min candle is broken again. Just to safeguard my profit.

As said, I still think it should go down and possible that today's (10/03) high will be made in first 5 min

Rajesh

[rksharma1091]

trendline support broken .....market may fall few more points as trendline broken .....fibolevels .....nifty will take support at fibo level and soon bounce back ....i will try to go long if possible today 11th march ........thank god atlast i have learnt fundamental n technical analysis so accurately predicting market s.special thanks to swing trader for training jai radheshyam ...mumbai

[priyaraj]

8670 may act good support..short term bounce on card

[priyaraj]

Watch for trendline joining previous two high OR if yesterday HIGH is crossed on hourly close basis, then close short position. It could be possible that this down trend is over as said in Daily, I see most of criteria being met for down trend.
As per Elliott wave, I think there could be one more leg down(as shown on small chart). Anyway watch for above trendline or today’s HIGH to be broken


Detail chart and analysis in below link

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[priyaraj]

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On 13/03 price was resisted at trend line drawn from wave (iii) or wave (ii). This is classic case of ‘change in polarity’ which states support becoming resistance or resistance becoming support. This rise was also at 61.8% fibo level of last fall.
As per Elliott wave, I think we are in final wave (v) or last leg of ‘C’. Channel support as shown is around 8470 for 16/03/2015, which is also S1 for weekly/Daily chart.
As said in Weekly/Daily, I still keep view that we are in last leg of wave ‘c’. I can see divergences in MACD and RSI which supports my view. So lets keep this view until we have divergences.
Close all short position(and/ or reverse) if you see reversal candlestick pattern like Hammer, Engulfing, Piercing, morning star, Doji (with next day confirmation) or Harami on Daily chart.
If Any position taken by above candlestick pattern, has to be in small qty with strict STOPLOSS of Low of that candlestick

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