ADVANCED TECHNICAL ANALYSIS

ADVANCED TECHNICAL ANALYSIS BY DIPESH MAJUMDAR-

The bigger waves are as follows-

1:900-6350

2:6350-2200

3:2200- ?

Target of 3 is atleast  11000, which means we r currently in the bigger 3.

Now, lets look at the internal of Wave 3.

(1): 2200-6350

(2):6350-4500

(3):4500 - ?

Target of (3) is at least 11200, which means we r in the medium 3.

Now, lets look at the internal of Wave (3).

i: 4500-6300

ii:6300-5119

iii:5519 - ?

Target of iii is atleast  8000(which is breached).

As there has been no significant correction, we r certainly heading towards the next target of iii.

The next target comes around 9780.

Now, lets look at the internal of iii.

(i): 5119-6350

(ii): 6350-5950

(iii):5950-8180

(iv):8180-7715

(v):7715 - ?

Target of (v) is 9000 atleast.

Previously seeing a reversal around 8415, I expected end internal wave<1> and recommended to sell around 8350 with a stoploss of 8480 for risky traders.(I was wrong in that part).

And for safe traders, buy around 8350(same level) with a stoploss of 7715 for the possible target of atleast 9000.

I also said crossing of levels of 8460 will lead towards the next level of 8600-8620.

Everything happened just like that. On Friday, for the most part of the day Nifty traded in the range of 8600-8620 before marginal profit booking came.

Nifty favoured the safe tradersJ

Wat I personally feel?

I m personally very bullish as it meets all criteria of being highly bullish.

Next levels to watch for?

Crossing and sustaining and closing above 8620 will lead towards the next level of 8750,next 8930. I must also mention that I personally don’t expect any significant correction before 8930.

Here only, I am also giving the next bigger target which is also very much possible . The level is 9900.

# Many levels mentioned here are approximate. There might be leeway of 20/30 points. Also, I tweaked some levels to be on the safer side(after­­­­ all, safety comes firstJ)

Comments and suggestions are welcome. Thank you.

Btw, people looking for equity cash,future and option calls can reach me at 9038735436(I am also there on whatsapp)

or you can also mail me at dipeshmajumdar3@gmail.com