The Z wave ended today as a Diametric. The 5 minute chart is posted below. See how wave-g mimicked wave-a. This is one of the best indicators of a Diametric. In my opinion today was the final day of correction. We should be moving higher from tomorrow. Happy Diwali!
This could be the trade of the year. The charts are just perfectly positioned for a bounce. Although if this fails then 7500 will be challenged.
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Double combinations are retraced no more than 80% therefore 7800 is a probable conclusion of the correction. Unless long term trend has changed, which i don’t think has, this should be an excellent buying opportunity. See the daily below.
The readers of my blog would have read my post Nifty Bullish Breakout dated 29th September in which i had identified a unique breakout pattern suggesting that the correction that started in March of this year has ended and Nifty is again moving towards all time highs. Till so far that prediction has proved to be right. It is to be noted that NIFTY was the first market among all world markets to give a bullish breakout. The U.S S&P 500 followed Nifty and so did the European markets.
For the near future 8430 looks possible on the charts. It would, although, be unwise to predict any upside levels from now on. Every dip is a buying opportunity. In wave analysis only the very beginning and the very end of a pattern are identifiable. The middle part of any pattern is harder to identify. It is thus advisable to go with the trend and buy every dip till there are clear signs of any breakdown. I am posting Daily and Hourly charts below.
I am providing a professional paid service to those trading 1000-10000 Nifty future contracts per trade. Check out my service here.
Today’s movement was disappointing to say the least. I am maintaining a strict stop-loss of 8088.
Since the stop loss seems near I have created aggressive longs on Nifty.
The g-leg of a diametric mimics the a-leg and therefore the immediate upside target seems to be in the range of 8300-8400.
I covered my shorts as the pattern identified as a triangle, in my last post, is not actually a triangle.
A non-limiting contracting triangle has formed at the end of the complex combination bull rally that began from 7700. If my count is correct then the thrust out of the said triangle may take the market to about 7800. See my chart below. I am providing a professional paid service to those trading 1000-10000 Nifty future contracts per trade. Check out my service here.
Due to demand I am launching professional services for trading advice for Nifty. As part of the service I shall provide entry and exit calls by telephone to the subscriber in real time. Additionally I shall also advice on position sizing. The blog exists for sharing analysis only whereas precise trading calls, such as when to buy-sell-short-cover, will be provided as part of the service. If you are interested and wish to know the terms of my service then please drop me a mail at MaheshN@gmx.com with subject ‘Request for professional service’.
wavevision 