Time To Stick My Neck Out "Nifty 5000"

Hi,
This time i am really sticking my Neck Out to say Nifty may go upto minimum
5000.Reasons given below :

Nifty Fut (near month):
Now i fall back on Long Term Wave Counts(300 Bars).In past
this Long Term Count has helped me in crucial junctures.
As per Long Term Wave count the 4th Wave is going on in 5th Up.
The "C" of the ABC in 4th has been completed on 3rd March.The "B"
had an internal 5waves (an ideal 4th Wave structure with a complex
correction in "B",becoz of my ingrained mental short term biasness
i was calculating those 5waves of "B" to be the main impulse,but
actually it was the complex "B" in the ABC).
The gaps of 27th to 28th & 3rd & 4th Feb are nature of Extended 3rd,
so we can presume 5th also being Extended further is extremely rare.
Now the 6th March's White candle also fits in.Is the thurst of the
begining of "C".Today's Low of 3521.10 of retesting the zone
but not breaching 3515 Low of Monday & closing at 3599.45,once again
corroborates that the 4th Wave is over on 5th March.The channels
of Wave 4 (Tom Joseph's proprietory Indicator) are also in the
extreme band,once again signifying the arrest of 4th's Downfall
There are so many other arguments like 200Ema etc
etc.Let me give two arguments
1) as per "Thomas Demark's Sequential Count" yesterday & today are
the 9th Days.
2)One of my own coded MACD(the code is given below):This MACD you
will find has all the advantage of MACD (macd always keeps you on
the right side of the mkt) but almost Lagless,hence the (-)ve point
of MACD is taken care of by using "Time Series Forcast".
This indicator has generated a buy yesterday.Now
here it is seen this is the 3rd Signal,i have seen always the 3rd
Signal is dependable.(1st signal on 15thFeb,2nd on 3rd March & 3rd
signal yesterday).In my years of Daily Trading the 3rd attempt of
any indicator is a "Make or Break" attempt.
So i am almost STICKING my neck out to say Nifty Price correction
is over.However in coming days it will be painfull becoz the "Time"
correction is not over.Now is the time to concentrate on individual
stocks & take long term Long positions.Becoz this being 4th wave the
5th wave will show us atleast 5000 in Nifty.OK forget it 3843 is
immediate reality,but the rise may not be steep & fast rather boring.
Let us see what happens many a time mkt humbeled me ,
even today had to book loss in HLL,due to entry at wrong price level
of 170.55.Posting this before DOW movement becomes significant.

Asish

...............8........................
a:= TSF(C,3)+TSF(C,5)+TSF(C,8)+TSF(C,13)+TSF(C,17)+TSF(C,26);
b:= TSF(C,8)+TSF(C,13)+TSF(C,26)+TSF(C,35)+TSF(C,50)+TSF(C,56);
mova:= TSF(a,3);
movb:=TSF(b,26);
diff:= a + mova;
diff1:= b + movb;
m:= diff - diff1;
m1:= TSF(m,5)*.5;
Ref(m1,-1);
m1;
..........................8..................

Hi,
Plz comment with your views,(right oppurtunate moment to flog & bash me)
use this but with logic plz,so i can learn & be corrected.

Asish

Hi,

Instead of looking at the 300 days bard look at the nifty from 2005 onwards.
I have seen it. The nifty was on the fifth wave up, on the looong term.

I would say its a correction of month starting now. I might be (and I wish I am) wrong, but that is how I feel.

Nifty targets below 3530 are 3370, 3149 and then 2970. The mother of all targets would be near 2600 levels, below this level we will all close our accounts and get on to our jobs seriously once again...

Regards

Manoj T

Manoj T,
Why will we retire ? We are traders ,Shorting is'nt giving us profit,only here
in Traderji i am deliberately posting my "Buy trades only" since 1 week.You may be 100 % right in your views.Till now i would not Short Nifty here.

Asish

Hi,
Levels :
Nifty Cash : Res 3658.30 / 3671.90 / 3685.35 / 3713.75
Supp 3622 (Fut=3595) / 3575 / 3562.40(Fut= 3546) / 3464 / 3423

Asish

Hi Asish,

If possible can you post the chart with the wave counts, mentioned by you in your post. The picture will explain your views more precisely and helps to understand better.

Praveen.

Bravo, Bravo some applause for you

Hi,
Nifty now 3655.40.Touched our 3671.90 (high=3675.95 still now),gone below our
res=3658.30

Asish

bvp,
Will do so post mkt in evening.

Asish

Nifty now 3685.75 above (res at 3685.65 & high still now 3686.30).About to clear
hurdle no 3