It's happening too fast and furious. After projecting the top it's only the 10th day we are in and down 600+ points!! Not bad though. While posting the view for 28th oct I asserted... " One thing I am more inclined think is the amplitude of the first fall on the larger chart. It's still not exhibiting any clear wave count (actually it's showing, and the amplitude of first fall is 5168-4972, almost 200 points), that way the corrective on daily chart (not considering the impulse 5 wave down move as of now) will be deeper enough ". And the further fall proved to be more steep and vicious. And guess what, still there are no clear wave count (not even corrective) on daily chart. So what does it imply..huh?? From positional perspective, more pain is expected.
Resistance: 4585-4625 is the main place to short right now. A convincing break above 4660 can lead it towards 4730 again. 4625-4660 can be a possible side ways zone to trade before a decisive break out.
hi
ReplyDeletewe are closer to the 4660 resistance level you discussed in today's article..is it wise to go long now for the intraday TGT of 4730 or we should take positional short here for the tgt of 4400
thanks
krish
Hi krish, as the main trend still on the downside, every Resistance level will witness selling pressure. but as mentioned in the post 4585.80 holds the key for the brk down. till then we can see corrective upto 4666-4731. a brk above 4666 or a dip near 4645-25 can be a buy with strict s/l.
ReplyDeleteSatyam,
ReplyDeleteyou have pinned down the nifty move the post u made for the day and view gave above was mirror image of the nifty move. The high was exact 4666 before breaking out. I got some profit and just wanted to say thanks.
Dilip.
Hi satyam , cool reading ... I feel they had to pull it up today cause it was getting too predictable ... Now when u post tommorows view pls also gv us the view of what to expect if and I hope not but if nifty crosses 4731 convincingly then what ??? Cause ....
ReplyDelete