Nifty analysis as on 17 July 06

I take yr points .. good , original thinking honestly

Just for the record, empirical work suggests that the average H&S takes 3 mths to develop. (The range mentioned is weeks, months and sometimes years).

Can I suggest
- pl include volume in your future posts/charts .. its v useful when analysed together with price
- perhaps have a single thread for ongoing analysis , instead of a new one each day

Cheers
AGILENT

Hello Agilent, once more.
Allow me to reply point by point.
1) Thank you, for the kind words.

2) Also just for the record, never in the history of the Indian stock markets, have we seen such intraday volatility, where indices open gap up or down 1 to 2 percent on a day to day basis. We have seen a cup and handle formation in the middle of a bull market, which is again unheard of, in empirical or conventional technical analysis.

3) The Nifty Index hourly chart, on which I run my analysis does not have the volumes, hence, cannot be included.

4) If I continue the same thread, and anyone wants to post their queries or comments, it could make the thread so cumbersome, that if a person wants to check what analysis I had posted on a perticular date, it could pose problems.

As my handle suggests that I am a junior member, I would rather not base my analysis on empirical studies, but what the market is suggesting to me.

Dusant

Hi Agilent,

When these guys wrote these books,I suppose intraday trading was not a craze back then........today people like Pring mentions all the chart patterns as relevant in intradays itself(Had attended a seminar of his some time back).

And just as we say that a top that retraces and goes back up immediately to the same area,is not called a double top,must be separated by a few months.........so too,on the hourly chart,expect the DT to be separated by around 60 bars.That pattern is valid for that time frame traded.

Just to clarify........great stuff,Dusant,and keep em coming.

Saint