Happy Days Are Here Again ... What The Charts Foretell???

Lots of tips pouring in. Good times are here? Chartists, please respond. I see an ascending triangle pattern forming. Just last month, I had asked Saint whether a reverse H&S was being formed and that we could see an upward move in September. That H&S has turned out to be the ascending triangle pattern. I think if nifty goes above 3250, then the breakout can be deemed confirmed. Comments, my learned friends?

Hi Kuldeep,

Can you share some information about the Head and Shoulder pattern please.
I have heard about this pattern a lot of times but was never able to figure out what exactly it is. Would be obliged if you can share some information of the same.

Thankd

MANOJ

Manoj,

The Head & Shoulders and its reverse signify a reversal of trend. I have attached a file which will give you an overview of this. Incidentally, I have learned a lot about chart patterns from Thomas N. Bulkowski's books and website, http://mysite.verizon.net/resppzq7/index.html. You will find lots of chart patterns and events discussed. I found it vey useful.

I also registered and visited your website. Very nice and interesting.

Regards
Kuldeep

Hi Kuldeep,

Thank you for sharing the H&S details...

And I hope you had a good experience with the website.
Some more charts are coming.
A list of open calls will be also updated by the end of the week.
Some more technical analysis based "Calls" are on the way.
This was just to keep posted....

Have a nice day

Regards

MANOJ

Chart with today's move attached.

Nifty breakout over 3230 support seems confirmed. Wait for it to test its new resistance of 3230 and on the up move again, the trend would be confirmed. As it is, the festival season is around the corner. I think the worst period for this calendar year is nearing its end.

I thinks its price that rules the market not chart as of now all chartist of all business chhannels in india are in bullish mood then just guess how the market will perform?

Sarveshk,

You are right ... price rules the market. Dow Theory's first law is "Price discounts everything." And Dow Theory is the base on which the entire science (art?) of Technical Analysis is built. Chartists are not soothsayers ... they look at various aspects of the price movement to try and find the probability of how the market will behave.

Contrary to what you think, Technical Analysts are a small minority among investors, traders, and speculators. They do not decide the course of the market.

I am a learning analyst and I make more than my share of mistakes. My reasons for starting this thread are more to get comments on the correctness of the logic I follow so that my learning process may benefit. I neither give tips nor ask for them. That is why I attach a chart to illustrate my line of thought.

I would be grateful if Traderji members read and respond to my thread in context of the reasons given above. If members feel that this thread is not really worth their time, it will die a natural death as has happened in other cases.

Regards
Kuldeep