Bearish Gartley on Nifty

[kkseal]

this is the 8th straight up month for the sensex.... maybe this pattern should be taken seriously... only once has the sensex done this before, when the bull run began in may 03

Yeah, 8th mth & 34 wks completed from the May top - both Fibonacci nos.
We are sitting on a double top that has a mininum downside till 11500-11600.

However there are some differences in the present scenario with John Magee's classic interpretation of a double-top pattern.
Also the (long) leveraging is far too low (& the mood far too cautious) for any 'bear raid' to generate windfalls at this stage.

So instead of a deep decline what we may have is a series of smaller, extended minor kind of corrections. Swagat's fib retracement levels for the Gartley also suggest the same. A lot will depend on the third qtr results.

Hedge funds are moving out of industrial commodities sensing a global slowdown in 07 So these stocks along with Banking will be good shorting candidates during a fall. Any other ideas??

In any case all we can do for now is tighten those stop losses and remain as alert as we can.

Regards,
Kalyan.

 

[swagat86]

frnds still b careful, correction may not b over. careful. keep tight stop and take profits..

And keep watchin this thread for more updates.

regards

 

[swagat86]

Another update. still a downside to 3893 can be seen. that makes another 40 pts. A major support there, break will take to 3854. Wat u say frnds???


Iv updated two more charts.

ty

 

[jaykiru]

Another update. still a downside to 3893 can be seen. that makes another 40 pts. A major support there, break will take to 3854. Wat u say frnds???


Iv updated two more charts.

ty

Gr8 Swagat keep it up yar nice chart and fentastic thread....
look more from u..YE DIL MAGE MORE...!!!

Jay

 

[Roshanna]

great swagat
but maybe if u had plotted 23% line u might see last time fall stopped at at that %
ur views?
cheers

 

[winstonn]

hi swagat,

Keep on posting all Gartleys , bullish and bearish!!!!!

great work!!!!!

On weekly charts of nifty , ascending triangle is in progress , wht r ur views regarding that????

thanxs
winston.

 

[swagat86]

hi swagat,

Keep on posting all Gartleys , bullish and bearish!!!!!

great work!!!!!

On weekly charts of nifty , ascending triangle is in progress , wht r ur views regarding that????

thanxs
winston.

TY my frnd. Sure i will. Im workin on this. Thanks for all those kind words. Helps me work harder. I still think i owe a lot to this forum, just using this thread as a way to help others. If Ascending triangle is in formation, just look for breakout as u wud be knowing.

Thanks

great swagat
but maybe if u had plotted 23% line u might see last time fall stopped at at that %
ur views?
cheers

yep i did now, iv found Fibonacci as a gr8 tool to analyse the charts. Will keep up posting more Gartleys.

And thanks for All those Kind words. It only brings a smile on my face and encourages me to work harder.


Todays Low was 3890. Just below 3893 as stated by me on my previous chart and post.

More will be coming soon....


Thanks
Regards

 

[swagat86]

Indusind Bank Gartley on weekly,it formed gartley last week. Bad luck. missed it its already down from 58 last week to 52.30.
anyways the target is 50 on weekly so still about 4% to be made.

Conservative traders can still wait. And Sell on COnfirmation.


Thanks

 

[swagat86]

3854 saved, keep watchin.

 

[Czar]

nope 3854 breached on closing basis, some pull back expected on friday i guess or from thu late, dead cat bounce ? remember guys this is not India specific but the world seeming to peak, anyways 5 straight down days, lets see when it bounces, thing is this fall is worst than the 500/p.day fall last month cause people are being trapped due to gradual fall, correct me but i heard on this forum somewhere the E.wave 5 fall is gradual ?