In this chart i am not sharing any trading plan, we will be having Budget on 1st February 2017.
The levels for the expected support and resistance are mentioned on chart with the help of demand and supply zones.
Few traders asked me why the zone level changes in few charts, the reason is, I mark zone on different time frames for different analysis, in this process the levels may get changed.
I am sharing the magical 52 number analysis on hourly chart with this analysis. According to that analysis we may have trending move from 2nd of Feb which exactly matches the Budget date. Important part is not to mark starting of such move, but to mark ending of such move. In this case I have marked the time length of such move. I want to make it clear again that I don't know the direction and i am not trying to find out that. I am trying to share the price and times levels at which traders need to we watchful.
You also can try it on hourly chart and back test the Number 52 concept.
The chart contents following types of analysis.
1. Trend channel. 2. Demand and Supply zone. 3. Number 52 time analysis.
Another thing i want to bring to your notice that. Nifty made a top of 9119 on 4/3/2015 and next important bottom was formed at 6825 on 29/2/2016. If you will count the days between top and bottoms then it will come to 362 days and in weeks it 51.71(52) Weeks. We may witness the another magic of number 52 in near future.
Market Taking support at marked demand zone and gave strong up move till supply zone. We need to observe the price move after this as we closed in supply zone today, 8890 will be the next zone level if price moves up. I hope yet another time marked levels must have helped the traders.
Time analysis or Number 52 analysis gave wonderful result, price moved up or trend reversed just after marked candle. Next marked time level is around tomorrow 12.15 PM. Observe the Price action around given time and after that we have long time packet which may give us trending move as i have mentioned it earlier also.
dhananjay.d.joshi
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@dhananjay.d.joshi, We started the up move at expected time. :-)
dajinkya
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@dhananjay.d.joshi, do you see reverse trend next week ?
dhananjay.d.joshi
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@dajinkya, as of now we closed above supply zone, we will have to wait for structural signal on daily or hourly chart to short. If you follow the trend then currently it is indicating up move.
dajinkya
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@dhananjay.d.joshi, Hi Dhananjay, when do you think reversal trend is coming ?
dhananjay.d.joshi
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@dajinkya, its easy to guess , on daily chart use technique of number 52. I have explained the same in another idea.
dhananjay.d.joshi
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We had a movement exactly at expected point.
rameshnotani
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It means a top will be made on 21-2-2017
dhananjay.d.joshi
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@rameshnotani, it is difficult to predict whether it will bo top or bottom.
Time analysis or Number 52 analysis gave wonderful result, price moved up or trend reversed just after marked candle. Next marked time level is around tomorrow 12.15 PM. Observe the Price action around given time and after that we have long time packet which may give us trending move as i have mentioned it earlier also.