Morning opened okay and as 5918 remained unbreached in the first hour,I hoped 5970 --at least-- would be tested (going by the patterns posted yesterday). However, it failed to cross even 5955 and as 5918 got breached, panic set in and 5900 caved in a flash.
And it makes me recall my post of 28-01-2013 Nifty Page : 28.01.2013(EOD)
Wherein I had posted the following chart with the comment:
Q
A crucial channel-top and negative divergence in Daily Charts combined with an EW pattern that's showing an Ending Diagonal are giving me bearish inclination and a tick below 6045 would lead me to open short positions with Stop-loss at 6088(or whatever top gets formed tomorrow) and aim for sub-5940 level as first target.
And if we open above 6101, I would open short positions with a Stop-loss at 6120 and target sub 5940.
UnQ
.png)
Today's Chart update:
Nine trading sessions, and 5940 has got conclusively broken
Still more crucial is the breaking of the long standing ascending trendline.
If current downmove is a retracement of 5823-6012 then we have today retraced almost 80% of it.
Monday may see a reactionary retracement to today's sharp decline but now 5955, 5990 and 6038 have got entrenched as marked resistances and the nearest channel support and Pitchfork illustrate that more downslide remains
.png)
EW labels for the downmove from 6112 would have given us some more clarity--- let me see if some convincing Count can click during this week-end.
And it makes me recall my post of 28-01-2013 Nifty Page : 28.01.2013(EOD)
Wherein I had posted the following chart with the comment:
Q
A crucial channel-top and negative divergence in Daily Charts combined with an EW pattern that's showing an Ending Diagonal are giving me bearish inclination and a tick below 6045 would lead me to open short positions with Stop-loss at 6088(or whatever top gets formed tomorrow) and aim for sub-5940 level as first target.
And if we open above 6101, I would open short positions with a Stop-loss at 6120 and target sub 5940.
UnQ
.png)
Today's Chart update:
Still more crucial is the breaking of the long standing ascending trendline.
If current downmove is a retracement of 5823-6012 then we have today retraced almost 80% of it.
.png)
EW labels for the downmove from 6112 would have given us some more clarity--- let me see if some convincing Count can click during this week-end.
No comments:
Post a Comment