One year old and this attitude? Yeh achchi baat nai hai - vajpayee
I told you what I thought, you think you are bigger and better and smarter than the markets, time will teach you a lots of lessons and markets too.
I made some 400 + points in the upmove which has not yet terminated, i have my ways and my style of trading and 6000 hours live market experience, so looks like you would be feeding the markets much more than me in the time to come, we will talk when you will be 6 year old........... Lol
Quite a few fib ratios end at 6650-6635 region so this could be a place for completion of A wave (see blue count in my chart). If so then we may go back up to do B wave before falling down finally to complete C wave. If you are trading options (PUTS) then you may want to book profits around this region.
This is another EW update on Nifty. Having posted a long term picture in my previous update, lets now look at a microscopic picture of the action from 4th Feb 2014. It started off with a series of 1s and 2s and then the action heated up from 4th March. In my previous update, I had stated that major 3 has a minimum price objective of 7350. IMO, this should be surpassed and I expect major 3 to extend. Coming back to the recent move. Since 4th March we've completed(lower time frame) minute 1 , 2 , 3 and 4( which concluded yesterday ) and 5 is on its way with a price objective of 6992. Bulls are in complete control of the market and there seems to be plenty of ammunition left for Nifty to complete minute 3 ( higher time frame- pls refer my previous update) which is already extending. Will post an update once we conquer 6992. All the best to your trading!
@ Bobomonkey, with the daily chart reaching oversold levels, I would buy Nifty with the stoploss at 6650 spot. Looking at the chart and levels, Nifty recently took support at the 4th wave of lower degree. IMO, Nifty formed the 4th wave low at 6656 (Rally from 5933-6869). With the binary event yet to play out, I still feel Nifty has some steam left in it to test 7020 ( 5th wave ) before petering out once the event is out of the way.
Today as an intraday trade one can go short on nifty with a stop loss @ 6781 for a target of 6650. This is so because 4th cannot go beyond 2nd (see chart above). The idea is to ride out the 5th wave down in the ending diagonal that we are in.
Not relevant to EW, but that 10 min chart shows a diamond candlestick pattern. Green pts. 1, 2, 3 are clearly marked of course, and the fourth corner is slightly below green pt. 4 in line with pt. 1. Looks like a diamond with a slightly downside breakdown. I also think that bearishness is indicated.