iCharts Discussions

sanmen · White Belt Joined: 28 Apr 2008 Posts: 88 Location: Delhi

friends...pl confirm...is this a Head & Shoulder pattern on Nifty weekly charts...i would love to get a negative reply on this..pls...am learning so am not sure..

cheers

Sandeep

PS: I am desperately wanting to be proved wrong...

hdobhal · White Belt Joined: 19 Dec 2007 Posts: 162

Dear Sanmen,

Wow. What an observation!!! Its definitely a H&S pattern and the neckline broken, now 4000 looks on cards Very Happy

Harish

marne.vivek · Posted: Wed Jun 04, 2008 11:26 pm Post subject:

that is H & S, but i'll wait till end of week to get confirmation.. jus being on safe side...

hdobhal · White Belt Joined: 19 Dec 2007 Posts: 162

Marne: yup, once it faces resistance on the neckline and falls, then it will be confirmed

sanmen · White Belt Joined: 28 Apr 2008 Posts: 88 Location: Delhi

we have two more trading days and the only thing that voilates this pattern according to me is a wekkly close above 4670...preferably above 4700...atleast the neckline wouldnt be broken this week...it has to be on closing basis..

Lets hope for the best!!
cheers..

Sandeep

marne.vivek · Posted: Wed Jun 18, 2008 2:18 am Post subject: Trend still intact :twisted:

hey,

was again through the nifty weekly chart where i see interesting observation that the H & S u first observed is still there and we are moving into test the neckline.

The chart is attached where the neckline is still intact, we'll wait for weekly close.

hdobhal · White Belt Joined: 19 Dec 2007 Posts: 162

Sandeep,

We need to relook at the updated chart, it will be only confirmation of H& S broken

Harish

sanmen · White Belt Joined: 28 Apr 2008 Posts: 88 Location: Delhi

Harish

Its confirmed i guess..the neckline might be tested in the days to come but probability of it getting breached on the upside is very low..too many hurdles and dow has crashed again today..EW analysis is talking of lower levels which i have started feeling is very accurate in forecasting..

Your posts are rocking Harish.. simple and easy to understand...no complications what so ever..pl keep posting them...

happy trading!!!!

Sandeep

vetrivel · White Belt Joined: 23 Jul 2007 Posts: 20

Friends,

H&S pattern should be visible without ambiguity//

Though this looks "skewed" but // yes indeed it appears as H&S pattern only.

next //let us calculate the target :--- H&S theory says, the fall would be to the extend of the Height of the head , on the down side from the neck line after the neck-line is breached.

approximately, that means , about 2800 nifty points, which means 4500-2800 = 1700 ???!!! Evil or Very Mad

It is frightening// yet appears too IL-Logical, nevertheless , anything can happen in the market.

It is better to play as things develop rather than look at patterns and create panic for ourselves.

Fundamentally , there are many strong scrips // use the opportunity to start accumulating them with 2 to 3 years target date, you will make good money,

Meanwhile, the current market scenario is too REACTIVE to news rather than real value based assessment, Hence, it is better to avoid short term positional trades (IF you are NEW to TRADING)// better play intra-day and accumulate good scrips for long term.

Happy trading

With Love & Regards,
Vetrivel

marne.vivek

Hi all,

its gr8 to see Vetri sir here Smile

And continuing with Sandeep's discovery of Head & Shoulder pattern, the target of nifty would be 3674 in 22 weeks or sorts.. Shocked

Well we cannot say it would come or not come , but based on the pattern posted the levels expected.

Regards,

Vivek