Charts for the Day

[a1b1trader]

Yes Anil Bhai

I have also observed a -ww in 5 min tf target 5860 and side by side a +ww with target 5895 and now consolidating at present levels

So only time will tell which one will materialise first

 

[anil_s_trivedi]

Yes Anil Bhai

I have also observed a -ww in 5 min tf target 5860 and side by side a +ww with target 5895 and now consolidating at present levels

So only time will tell which one will materialise first

Dear a1b1trader,

Yes, i have seen your postings on wolfe wave in the other thread, quite impressed with your analysis and quick trades. Really a good one. I mean observing it with naked eyes really require a lot of attention.

The time consolidation is what making it more strength in this rally. See price even not correcting 50 odd points. Every fall of 25-30 points being buying into.

 

[a1b1trader]

Dear a1b1trader,

Yes, i have seen your postings on wolfe wave in the other thread, quite impressed with your analysis and quick trades. Really a good one. I mean observing it with naked eyes really require a lot of attention.

The time consolidation is what making it more strength in this rally. See price even not correcting 50 odd points. Every fall of 25-30 points being buying into.

Thanks Anil Bhai for the words of appreciation.

IMO, If price moves in a small range today, then it will make either NR7 or NR4. And then it seems we may see some fireworks tomorrow.

Further I also think that if Nifty has to move upwards for a high then a correction to the tune of 100 odd points is also necessary.

 

[anil_s_trivedi]

Dear Friends,

As anticipated, a loosing momentum on hourly and a probable top on hourly yesterday. Nifty unable to move higher closed the day at lower levels, implying a selling pressure.
But frankly i didnt expected gap down, so severe and getting below 5800 in opening hours itself today.

Anyway, on hourly momentum still down on short and inter mediate, but flattening long term posing greater risk of more fall. So need to be watch carefully, How the remaining hourly bars get aligned.

A crucial upside resistance at 5830-35 and 5855-60, if crossed then only a chance of higher levels, else these levels will be seen as resistance for any upmove.
5805 will be a level bulls will try to defend today, if failed not good for them.And on lower side 5760 is the zone bears will try to take out and get a closed below it, if succeed then not good for bulls.

So try to see these zone 5855-5830-5805-5760, and act accordingly.

 

[anil_s_trivedi]

Nifty update:

Nifty did reacted on level of 5760 on 3rd july, implying the importance of the same on daily/weekly charts.
A great fight will be seen today to close above 5870 level. As weekly closing is there. 5850 is also a crucial one if weekly got captured here.

On hourly, short term up, intermediate too up,so the fight will be watchable.
Crucial levels for today are 5926 / 5870 / 5830.

See most of the action around 5870.

 

[anil_s_trivedi]

Dear Friends,

Nifty did reacted as expected near 5870 zone, and spend second half there on 5th july. Nifty on hourly having momentum up, but flattening. so its a watch zone. Although short term down may press for downside, but intermediate still up with long term, so possibly a pullback towards 5830/5800 levels.
Any upside act may face resistance at 5925-35 zone. If succeeded then can inch higher towards 6035 zone.


Closing below 5795 on monday is not good for bulls and invite lower levels below 5700.

So plan is for monday, any dip towards 5830-20 will be seen through if supported then it can have upside tgts as 5870/90/5925. Failure to hold will see 5800, and sustaining below it will be a positional sell invitation to bears.

On upside, if resisted at 5925-35 and fail to hold of 5890 then a sell confirm it there.
A break through 5925-35 will be troublesome for bears.

 

[anil_s_trivedi]

I am fond of reading charts with minimal indicators/studies on it. I more of focussed on classical technical analysis. In my journey to TA, in between i tried to focus on elliot waves, but couldnt mastered it. But learned a important thing of correction and its nature. Like a simple abc pullback. A concept of faster retracement, or time wise consolidation....etc
The chart under study is hindalco. And it contains 21 ema and 100 ema. Ine is for intermediate trend and other for long term downtrend. Strictly telling you, i am not using any crossover here for bull/bear significance.
Point is good trend generally observed to be pullback to 20/21 ema. And a stronger trend usually upto 10 ema only. So getting into pullback trades is always my trade. I always insist on pullback trades and lesser of breakout trades.
So what points to consider on pullback trades. surely dicrection of 100 ema tells a lot. If moving up then any pullbacks to 21 ema bought into(21 ema should be rising), if falling then any pullback to 21ema will be sold into (21 ema should be falling).
Important thing is nature of pullback.. i mean whether its a two or three legged pullback. A straight pullback with one or two big bars is almost not reliable if you are trading for a breakout through moving average.
In pullbacks, generally seen prices break it and reverses strongly. so look for accompanying bars like pin bar / engulfing pattern to initiate trades.

Will surely look forward to your observations for nature of pullbacks and your take on it.

 

[anil_s_trivedi]

Nifty breached 5800 levels with a force, and now upside resistance placed at 5800-10 levels. As seen from chart minimum expectation of this downmove was placed at 5750-55 zone. And it need to be tested here. A breach here below with force will land to 5710-15 levels.
Any breach here and holding it, and if prices comes above 5760-65 zone will mark as holding up and may see rally till 5800 levels.
For positionals long players sustaining above 5800 can only retain bull power for climbing higher. With so many gaps coming in, prices are in mode of congestion around our 5845 zone.

 

[anil_s_trivedi]

 

[anil_s_trivedi]