Oh Oh, after building a Double Top @ 9.000 a consolidation started. This consolidation caused a trendbreak - the momentum turned bearish. Now i see a bearish H&S. If the index would trade below the neckline @ ~ 7.900, a further drop should be expected. Only Prices above the potential right shoulder will brughten the Chart. Longs have a really nice Chance-risk-Ratio at the actual Level - as always wehenn we are trading near a Support Level :-) Best Regards Mary
Former view:
Comment
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Counter (DB)Move reached the min. correction level fibo 38,2
Comment
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Comment
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Trading above the right shoulder would destroy the bearish pattern - here i would exspect a new upwave like illustrated
EMAs. Bearish - 200 above then 50 and 20 below. The 200/50 cross over
happened. The angle of cross over negligible now. Let us see
how much the angle chages in the next week to understand the
extent of correction this cross over can take the Nifty. Whether
a mild one or a deep/severe one.
MACD Histogram below 0 and signal entered inside. The signal is flat
now at almost 180 Degr. If it deviates less than 15 degr. the
correction can be mild and if it is more than 30 degr. the correction may
be a decent one and if more 45 degr. the correction could be severe.
Stochastic: It is below 20 which is bearish and this can stay below 20 for
pretty long time depending upon the extent of bearishness.
BBs Price is BBB and the BBs need to open up. This action also corelated
to the above degree wise deviaion of EMAs and MACD.
AMI Chart Daily.
EMAs : First 15 c/o of 100 & 200 after 8 Nov. then 45 c/o of 100 and now 45
c/o of 200 just 3 points away. If anybody using this chart they can
back test when NS went below 7000 all the EMAs were below 200. Now
100 is above 200 and when it reaches or c/o 200 then only we can
see 7000 below levels. Once 50 goes below 200 the 100 will bend
and start approaching the 200 in shorter time. Now is it almost
parallel with more than 300 points difference.
MACD Both histogram and signal below 0. When this histogram extends
and signal c/o happens the fall could be severe. Bulls can try
to avoid it by keeping NS in a narrow range until the stochastic
moves up above 20, though looks difficult looking at present set up.
Stochastic: %k and %D at 7 and 8 and there is space to move down to 0 which
can negate the opportunity for bulls for the time being. Now
if Bulls take it up above 20 NS can be saved from further correction.
BBs Opened up and in first pull. Once this pull completes NS can try to
move up 250-280 points upward to fall again for the second pull.
TO SUM UP: 95% chances in favour of bears and only 5% chance for bulls as of now.
UnknownUnicorn646072
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tp 6800 never,in 2017 nifty will make a new high
UnknownUnicorn646072
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@rupambose32, my target price is 7500-600 range or may be touch 7200 then upmove begins
Sarsans
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Thank you for the 123 article, was read over and over by me a novice. Now coming to the point of Nifty, since we had a small doji , and closed in green after seven days , according to you, will 8100 be touched, in this clearing week
Respects and regards
Sarsans
AMBRISH
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Meery Christmas, it is nice of you post your views on Nifty,
time will tell either it brakes neckline of Nifty or Our Neck Line?
"Only Prices above the potential right shoulder will brughten the Chart"
word brughten means Brighten?
Thanks a ton.
The_Cannalyst
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@AMBRISH, Merry Christmas too! Yes, sorry, that should mean "brighten" the chart
AMBRISH
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@Maryjane, If support survives then it will bounce till Right Shoulder ?
Yahoo daily chart link
in.finance.yahoo.com/q/ta?s=^NSEI&t=1m&l=on&z=l&q=c&p=e20,e50,e200,b&a=m26-12-9,fs&c=
EMAs. Bearish - 200 above then 50 and 20 below. The 200/50 cross over
happened. The angle of cross over negligible now. Let us see
how much the angle chages in the next week to understand the
extent of correction this cross over can take the Nifty. Whether
a mild one or a deep/severe one.
MACD Histogram below 0 and signal entered inside. The signal is flat
now at almost 180 Degr. If it deviates less than 15 degr. the
correction can be mild and if it is more than 30 degr. the correction may
be a decent one and if more 45 degr. the correction could be severe.
Stochastic: It is below 20 which is bearish and this can stay below 20 for
pretty long time depending upon the extent of bearishness.
BBs Price is BBB and the BBs need to open up. This action also corelated
to the above degree wise deviaion of EMAs and MACD.
AMI Chart Daily.
EMAs : First 15 c/o of 100 & 200 after 8 Nov. then 45 c/o of 100 and now 45
c/o of 200 just 3 points away. If anybody using this chart they can
back test when NS went below 7000 all the EMAs were below 200. Now
100 is above 200 and when it reaches or c/o 200 then only we can
see 7000 below levels. Once 50 goes below 200 the 100 will bend
and start approaching the 200 in shorter time. Now is it almost
parallel with more than 300 points difference.
MACD Both histogram and signal below 0. When this histogram extends
and signal c/o happens the fall could be severe. Bulls can try
to avoid it by keeping NS in a narrow range until the stochastic
moves up above 20, though looks difficult looking at present set up.
Stochastic: %k and %D at 7 and 8 and there is space to move down to 0 which
can negate the opportunity for bulls for the time being. Now
if Bulls take it up above 20 NS can be saved from further correction.
BBs Opened up and in first pull. Once this pull completes NS can try to
move up 250-280 points upward to fall again for the second pull.
TO SUM UP: 95% chances in favour of bears and only 5% chance for bulls as of now.