Kiranjakka, I'm glad you're enjoying them. If I can get the reversal right, then maybe you'll be addicted to my analysis too--lol.
As what is almost a side note, on Nov. 14th the market had broken the daily TL as I noted on this chart. I drew the horizontal line to show the point of the break, and Wednesday's peak hit it perfectly. Back on Nov.14th, or shortly thereafter, I was talking about what would be a broad range corrective process, and then chart shows just how broad range it really was.
In essence a broad range consolidation requires a broad range move in the trend, which means the dip at 4611 gets broken over the next couple of months, but then I did speak of the YS1 at 4158 being on the radar, and possibly the YS2 at 3693 to join it.
Now that we have journeyed all over Nifty land, maybe I'll bring this up-to-date. The strong spike on Wednesday was stopped dead in its tracks at the WR2 5185. The MR3 at 5230 also looms to contain price action. The TL drawn from the weekly is at 5298.
I will say this again. Regardless where the reversal may be, it is going to be huge. I don't trade volume, but I did notice that Monday's and Wednesday's volume was the lowest since Oct. 26th, and that was the day before an Indian holiday (I don't know the Indians holidays which is why I'm wording it that way.). The day before that date that volume was lesser was on July 6th.
I'm saying that because you volume traders I'm sure will agree hat when there is a volume divergency the reversal is huge once it is brought on. You can add that to all the other evidence I already stated about what will be a huge reversal.
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just addicted to your charts, so i was waiting for your comments pips thanks anyway