Nifty Entry ,Exit ,Target levels with Median Line Charts
- Thread starter Kavima
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- Tags median lines nifty levels nifty targets pitchforks trading strategy
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4xpips,time pass
Longterm charts we're surely at the low Zone from where a new up move can commence.The recent low has formed a double bottom with the earlier major swing low.Another view point is while charting the swings with a channel,price is yet to reach the channel line .this comes to around approx 4530 zone.So the two alternate scenarios for the bottom probability.I'm not yet considering the fall below it as yet.
In the short term ,we've had a Steep fall and expecting the same momentum to correct it may not happen and would look out for a time consuming corrective up move.When it moves beyond minor swing highs and fib levels the trend change would be clear.
So I'm keeping the options open for retesting the recent bottom and moving up till 4950-5050 zone where it meets a Downsloping resistance line..
Longterm charts we're surely at the low Zone from where a new up move can commence.The recent low has formed a double bottom with the earlier major swing low.Another view point is while charting the swings with a channel,price is yet to reach the channel line .this comes to around approx 4530 zone.So the two alternate scenarios for the bottom probability.I'm not yet considering the fall below it as yet.
In the short term ,we've had a Steep fall and expecting the same momentum to correct it may not happen and would look out for a time consuming corrective up move.When it moves beyond minor swing highs and fib levels the trend change would be clear.
So I'm keeping the options open for retesting the recent bottom and moving up till 4950-5050 zone where it meets a Downsloping resistance line..
LOL, Kavima struck again!
I was posting at Nifty50 Futures Trend. I worded it as a consolidative move to 5058. I didn't go into detail with the route, but it fell in line with your chart what I had in mind. I showed why through the eye of my approach how it was going to evolve.
This is why I enjoy coming to this thread as your student. It proves how 2 people can have different methodologies and still yield the same result.
I also like the way you used the TL on the stochastics. A break of that TL will add additional confirmation for a slight move south, then up to our target, and then the bottom falls completely out.
I was posting at Nifty50 Futures Trend. I worded it as a consolidative move to 5058. I didn't go into detail with the route, but it fell in line with your chart what I had in mind. I showed why through the eye of my approach how it was going to evolve.
This is why I enjoy coming to this thread as your student. It proves how 2 people can have different methodologies and still yield the same result.
I also like the way you used the TL on the stochastics. A break of that TL will add additional confirmation for a slight move south, then up to our target, and then the bottom falls completely out.
1.12.2011_Thursday
Some more steam still left for the rally .Expect it to reach 5020-5100-5130 ,but looks like the upmove may be with chaotic zigzag intraday movements in the coming days till it reaches the expected zone.
Some more steam still left for the rally .Expect it to reach 5020-5100-5130 ,but looks like the upmove may be with chaotic zigzag intraday movements in the coming days till it reaches the expected zone.
2.12.2011 Friday
The week ended on a good note with a good rally .In fact today's swift move was also a surprise when the expected was a consolidation day , with a possible small correction and another of those days when it jolts you that the market is always supreme.
The expected move till 5100 - 5130 zone looks reachable with no immediate resistances upwards.
Stochastics ,though showed a divergence ,moved past the TL and has turned upwards.Signal for the next high should surface in the next few days.
And one more probable upmove till 5230-40 area if global cues are stable.
My expectation for the move forward is
5060 - 5100 (61.8%R) - 5130 (at junction of downsloping TL and majenta UML) - 5050 ( previous wave minor swing high resistance turned support line)-// - 5200++ ( Junction of current Main ML and UMLH of previous median line set)
The week ended on a good note with a good rally .In fact today's swift move was also a surprise when the expected was a consolidation day , with a possible small correction and another of those days when it jolts you that the market is always supreme.
The expected move till 5100 - 5130 zone looks reachable with no immediate resistances upwards.
Stochastics ,though showed a divergence ,moved past the TL and has turned upwards.Signal for the next high should surface in the next few days.
And one more probable upmove till 5230-40 area if global cues are stable.
My expectation for the move forward is
5060 - 5100 (61.8%R) - 5130 (at junction of downsloping TL and majenta UML) - 5050 ( previous wave minor swing high resistance turned support line)-// - 5200++ ( Junction of current Main ML and UMLH of previous median line set)
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