I have been learning chart analysis, thanks to Saint and others for valuable information and a great learning experience so far.
I looked at Nifty daily chart for past 1 year and here is my analysis... would appreciate your comments.
This was not a relentless rally first of all as every one is saying see the chart as we took two breaks already of 3 months each and then rally for one month
Here are some statistical data and my prediction might sound unrealistic but very much possible.
Nifty corrected all the way down to 27 Oct.s low of 2525 and then consolidated in a narrow 500-550 points range with upside capped at 3100 a consolidation of around 18-20%
Then we had a breakout on the upside and take Nifty up 25% within a month from 3100 to form a base at 3900
We then again started to consolidate from 18 may to 4 Sept. in a range of 1000 points it might sound a big range but actually it was again a range of 18%
Now we had a breakout once again everything is positive and if we have to see even 15% gains from 4700 levels that takes us to 5400 levels, follow the green line to see the Nifty expiring above 5100.
Sounds realistic? Can we do it 3rd time? I am not sure and not asking you to bet on it but the future certainly looks great.
I looked at Nifty daily chart for past 1 year and here is my analysis... would appreciate your comments.
This was not a relentless rally first of all as every one is saying see the chart as we took two breaks already of 3 months each and then rally for one month
Here are some statistical data and my prediction might sound unrealistic but very much possible.
Nifty corrected all the way down to 27 Oct.s low of 2525 and then consolidated in a narrow 500-550 points range with upside capped at 3100 a consolidation of around 18-20%
Then we had a breakout on the upside and take Nifty up 25% within a month from 3100 to form a base at 3900
We then again started to consolidate from 18 may to 4 Sept. in a range of 1000 points it might sound a big range but actually it was again a range of 18%
Now we had a breakout once again everything is positive and if we have to see even 15% gains from 4700 levels that takes us to 5400 levels, follow the green line to see the Nifty expiring above 5100.
Sounds realistic? Can we do it 3rd time? I am not sure and not asking you to bet on it but the future certainly looks great.