NIFTY 8433
In the diagram, there are two boxes, BOX 1 and BOX 2.
The high of box 1 is 8844, and low 7997, which is also the
low of box 2, whereas the high of box 2 is 8490.
The time period, measured by the horizontal distance of the
boxes are equal.
From the above statements and the given diagram, the
conclusion is-
According to my rule of technical analysis, Nifty is in the
grip of bears (not bulls).
Reason-
Had Nifty been in the grip of bulls, the high of 8844 should
have crossed in less time than the time of correction from 8844 to 7997 (which
has not happened), hence Nifty is bearish.
Also, I have marked two volume bars- one long green, and one
long red.
The long bars indicate strength, hence some more upmove is
possible.
Though Nifty has made quite a comeback after hitting the
lows of 7997, but its not a sign of reversal. According the present
chart scenario, Nifty without crossing above 8844, may break the lows of
7997. The risk-reward ratio is like 1:1 in this trade.
There are some possible or probable reversal levels (from
which the downtrend can again resume), which I have sent to my subscribers.
Crucial level to watch for future directions- 8525
Note- Market is supreme. Whatever it thinks right, will
happen.
Low 8296, nearly 150 points done!
ReplyDeletelow 8226, more than 200 points done! enjoy profit of more than 5k per lot!
ReplyDeleteNifty low 8056, nearly 400 points from 8433!
ReplyDeleteLow 8005, more than 400 points! Profit of 10k per lot done!
ReplyDelete