iCharts Discussions

rwdesai · White Belt Joined: 27 Apr 2009 Posts: 94

I am trying to compare the fall of 2008 with the current fall that started in Nov 2010. In 2008 the third fall (the selling climax) as shown in the chart was the sharpest. this time also will it be the sharpest one?
In March 2009 there was a major buying opportunity after the third fall and the range breakout that followed. Will there be a buying opportunity again in 2012 after the third fall?

ajayhkaul · Yellow Belt Joined: 18 Jun 2009 Posts: 866

Consider this instead :

Jan 2008 peak---- 6357
Nov 2010 peak/top ---- 6339

To me that looks like a neat CUP on the monthly chart. Maybe because I drink too much coffee!

And what is being formed now is a HANDLE that , till date , has a low of 4720 which is approx a 40% fib retrace from the peak.

Above 4720 , we have a good handle ... This down slide should stabilise above 4748.

What do think of this perspective?

rwdesai · White Belt Joined: 27 Apr 2009 Posts: 94

LAST YEAR'S LOW BROKEN ON NIFTY.

maddyprincess · White Belt Joined: 15 Nov 2011 Posts: 160

Bullish Bat formation on Nifty Weekly charts !
Can Someone confirm ?

rwdesai · White Belt Joined: 27 Apr 2009 Posts: 94

THE WEEKLY RSI ON NIFTY CHART HIT 30 IN OCT 2011. SINCE THEN IT IS POSITIVELY DIVERGING AGAINST NIFTY.
THE LAST TIME RSI HIT 30 WAS IN OCT 2008. THIS WAS A BOTTOM FOR NIFTY.
ON THIS LOGIC NIFTY MAY HAVE ALREADY FORMED A BOTTOM AND CURRENTLY WE ARE AT THE START OF A NEW BULL MARKET.
THE CONFIRMATION HOWEVER SHOULD COME WHEN THE DOWNWARD TREND LINE JOINING THE TOPS BREAKS ON THE UPSIDE.

rwdesai · White Belt Joined: 27 Apr 2009 Posts: 94

AFTER THE 57 MONTHS BULL PHASE (MAR 2003 TO JAN 2008), NIFTY CORRECTED FOR 48 MONTHS (JAN 2008 TO DEC 2011).
THIS CALCULATES TO BE AROUND 85% TIME WISE OF THE 57 MONTHS BULL PHASE. ( ELLIOT TIME THEORY).
SO THE CORRECTION OF THE LONG TERM BULL PHASE MAY BE COMPLETE NOW AND NIFTY MAY BE READY FOR THE NEXT PHASE OF THE LONG TERM BULL MARKET.