Can any one tell me what's going in the market ???

Dear Friends,

Whats happening in the market ?
Our post sayes some wolfe or somwhat wave funda , I belive you guys as i think you are more experienced.
See today market opening in gap.
Its really confusing.
Mind and heart is not matching with synchrosinity.
I think I need to start learning basics practical fundamentals.
Help Help Help

Market gapped up above the 4 day range, then it consolidated till around 11am after which seeing no selling from participants it broke out of the range and continued till 12pm which is the usual time for mind games to start. Nervous hands started dumping at 12pm taking it to test the previous 4 day range at which buyers stepped in and loaded their inventory.

A simple explanation without getting into semantics.

There is no need to learn the wolfe or elliott or any other bullshit wave if you plan to be a trader and I am not saying that out of ignorance either.Been there done that, can conclude that its all total bullshit.Seriously

Rgds

And here is a pictorial view of whats happening on the 5 Minute Fractal

Nice Breakout above Todays Range

And it was a breakout from the high of the range on the 3rd attempt.

The first attempt to the base of the LH consolidation on relatively low volumes (after the high vol gap down) was a shorting opportunity. The second attempt to the top of the range (after a high vol WRB pushing past the top of the gap) resulted in a low vol approx 1/3 rd pull back (& a nice C&H pattern on the RH). The 3rd attempt resulted in a breaking and close above this range on relatively healthy volumes.

Although this is a NF chart i guess it augurs well for the cash mkts too in the coming week. Also good tidings in lower timeframe charts tend to creep over to higher timeframes (& vice versa).

Thanks CV for the chart.

Regards,
Kalyan.

hi creditviolet,

can u give me your view on market for Monday?

i am 101% sure jyoti that cv wouldn;t give you any comments on monday market. why? just wait n watch.

Sure, let the US markets close and we will see about that.

Nice Analysis.
Just one comment, geometric patterns like C&H on intraday chart have a high failure rate so I would rather view price as the pressure of OrderFlow push and pull rather than bar patterns i.e more volume view than price view.

Rgds

LOL.Never be too sure with the markets or CV