Nothing new to add to my previous post: Nifty Page:18-9-2012
With the political uncertainty looming large,the Probability of C4 getting in play and taking us below 5216 has come into forefront. Only one thing missing-- no negative divergence occurred in Hour charts.
5dma is at 5531.
Any closure below it would further give strength to the labelling of current downmove as C4 where C is being taken as a 3x3x3x3x3 Ending Diagonal:
C1=4770-5348=578
C2=5348-5033=315
C3=5033-5649=616
C4=5649--to below 5348(to confirm diagonal) and most logically below 5216(to confirm end of C3iii).
EOD Update:
Daily Chats: Closed below 5DMA as a shooting star.Thus furthering the cause of C4:
Hour Charts:
5/10 ema bearish cross and closed on 34 hr ema:
Trendline can be drawn in two ways--shown below--one from the lowest point(5216),the other from a "convenient low"(5230) from where the gap-up and upmove started.
Yesderday's low of 5585 could not be tested so the gap created today morning was not filled.
If today's low holds,we may see this gap getting filled. But if today's low gets broken in tomorrow morning itself, all hopes of one more spurt upwards would get broken.
With the political uncertainty looming large,the Probability of C4 getting in play and taking us below 5216 has come into forefront. Only one thing missing-- no negative divergence occurred in Hour charts.
Any closure below it would further give strength to the labelling of current downmove as C4 where C is being taken as a 3x3x3x3x3 Ending Diagonal:
C1=4770-5348=578
C2=5348-5033=315
C3=5033-5649=616
C4=5649--to below 5348(to confirm diagonal) and most logically below 5216(to confirm end of C3iii).
EOD Update:
Daily Chats: Closed below 5DMA as a shooting star.Thus furthering the cause of C4:
Hour Charts:
5/10 ema bearish cross and closed on 34 hr ema:
Trendline can be drawn in two ways--shown below--one from the lowest point(5216),the other from a "convenient low"(5230) from where the gap-up and upmove started.
Yesderday's low of 5585 could not be tested so the gap created today morning was not filled.
If today's low holds,we may see this gap getting filled. But if today's low gets broken in tomorrow morning itself, all hopes of one more spurt upwards would get broken.
No comments:
Post a Comment