iCharts Discussions

[harsh_85]

This is very comforting for me...considering the positions i have...as ur basis is EW, wanted to ask one question...how fast and furious is 5th wave..have heard from many people that 5th is very fast and all that...

[amitagg]

[vinay28]

I am now convinced that bearish div is going to remain unless NS goes to 8160 but rsi doesn't go to 62.69. If rsi crosses that then NS must go to 8181. Otherwise fall seems certain.

[ragarwal]

hi vinay,what can be the target of this divergence,by this expiry?

[amitagg]

[vinay28]

[ragarwal]

thnx vinay,will keep that in mind fr next series

[vinay28]

[vinay28]

Nifty for Thursday (23/10/14)

Supports are at about 7991, 7978, 7961, 7897 and 7808 while resistances are at about 8010, 8015, 8023, 8126 and 8150. Unfilled gaps on lower/higher side are at about 7927 and 8153 resp. Three +WWs can give about 8132 (if above 7824), 8180 (if above 7758) and 8187 (if above 7667) (+WWs with higher targets are not mentioned as of now). Five -WWs can give about 7903 (once below 7963), 7860 (once below 7948), 7853 (once below 7937), 7820 (once below 7920) and 7570 (once below 8043) (-WWs with much lower targets are not mentioned as of now).

Nifty closed flat after big gap up open and just below 8000 and continues to look bullish. Daily candle is like a spinning top cum evening doji star. A gap down open followed by breach of 7974 can cause an abandoned baby top. Nifty must sustain above 8006 for further rise. However, it is now becoming amply clear that the bearish div posted earlier will not vanish unless (a) NS goes to 8160 but rsi doesn't cross 62.69 or (b) if rsi crosses 62.69 then NS must cross 8181 i.e. an all time new high. Otherwise fall seems certain. A breach below 7960 is first warning but a close below 7950 can cause further fall. Global and local eco-political events can have a bearing on how nifty moves in short term. Being a Muhurat trading day, trading is discouraged except for covering longs, at least for the day.

[manojkr78]

Vinay,

Thanks for your unbiased views......i took longs few days back.....now I will be cautious with my longs......will look to short in next few days based on the levels provided....

[vinay28]

[vinay28]

The likelihood of a sharp reversal due to bullish div posted last week came giving almost 300 points. Now to see whether it goes up further. About 7960 is break down point. See chart attached. First hint will be if there is a gap down open and then a breach of 7974.


Among the many possibilities, the two most likely according to me are (a) a fall upto about 7660 in about 8 working days from a top to be formed today or next week, then 61.80% recovery before a double bottom in about 6 more working days (i.e. by mid Nov) and then a recovery to about 8275/8400 till dec and then fall upto about 7500 upto feb before next long term rally OR (b) continuation of rally upto much higher levels (9000+?) till feb and then one major fall of about 1200+.

[amitagg]

Excellent " price " and " time analysis" and above all very clear cut trade able view. Always appreciate whenever someone can put " time" in the picture ( like you and some like turtle) Since people like me seriously lack even going about how to study time analysis and from where.

[vinay28]

[vinay28]

Pre-open low was about 7627 today and if market does go down, we may see it in about 3 calendar weeks.