The WTF Chart of the DAY

2011 is 2008 all over again .

SHOCK INTERVIEW---Crash Right Ahead

This one VIDEO is going VIRAL on the internet. Everone from Presidents, to news channels , BLOGS...to doomsday sites......it has got hunndred  thousands of hits since it appeared just 2 days back........the message is that we are on the verge of a MASSIVE DEEPRESSION and no one can do anything about it.....


http://www.youtube.com/watch?v=aC19fEqR5bA&feature=player_embedded

Nifty Update-FED FOMC week

Too much volatility within a very small range. Difficult to trade if you are seated in office and not glued to LIVE CHARTS .  DHanvarsha (http://dhanvarshagrp.blogspot.com/2011/09/market-moved-up-due-to-short-covering.htmlsays) that all this moves are a result of SHORT covering .And it surely looked like no one wants to be in the market and FIGHT the FED.

Metal like COPPER isnt showing signs of BIG QE. Also David Rosenberg in ZeroHedge said that there might be a BIG sell-off if there isnt a BIG-couple-100-billion QE.  Another article I read today :

http://www.thetechnicaltake.com/2011/09/20/another-warning-sign-2/ says that Emerging markets are in a very BAD shape.

. But I got this chart. I find it very hard to believe that NIFTY WILL CROSS that MAGENTA horizontal line at 5196. Come WHAT MAY. All TECHNICALS are OVERBOUGHT.

Thanks.

CNX IT

IT helped most in the last NIFTY rally. Now it has HIT a confluence of resistances. The upper Bollinger level, the declining resistance line, 38.2% retracement level. Add to that overbought technical s.

India VIX----Fear still high

VIX is consolidating . It has been trading above 24 for some time now. It could break out of that consolidating range. Point to be noted here is that FEAR is elevated .

  

NIFTY Updates

Updated : Morning I shorted around 5045  ( see below). And was happy to see the NIFTY travelling some 70 points down in no time. But late in the day, all the markets in the world started going higher on the news that BIG central bank intervention was happening. 5045 was a very good resistance that we passed. But now the markets have hit another SOLID  resistance levels 5070-5090.Too much money infused into the system , intervention , rumours,  machine trading causing too much VOLATILITY. 100 points up down in a day.
Tomorrows rate hike will surely cause movement. Inflation is at 13 month high and racing towards double digits. Lots of hope for BEARS . We may still get good profit for out shorts initiated today. Important to cover at important levels. And if a 50 BPS hike comes then........Kaboom.

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So much of RUMOUR mongering  this week. Russia, China , Brazil , BRIC( I never found India's name alone) were coming forward to buy EURO countries debt.  At one point MERKOZY were about to make a BIG  announcement , which never happened. Rumours and oversold conditions combined to take the nifty where its now. But i dont see nifty going more than 5040. Oscillators are nearly nearly at overbought levels.

I think we should short comfortable for a target of at-least 4910. And may be 4880. For the next couple of days.Inflation is higher than last time. And is approaching double digits.

The GAP hasnt been filled . It will at 5060. I think we should be shorting at 5030-5060 BAND.

Channel formation ::

Thanks.

911 Week Pictures

Tight Security for 911 week.

Are they PULLING GREECE over the weekend??

Euro Elites telling us to remain CALM

Then theres KAREENA

Dominoes starting to ROLL............

                                           Wondering WHATS next for the markets!!!!!!!!!

Thanks.

SnP ::CHANNEL WATCH

Will it break the channel or will it not. That is the question. In that 2 hour chart we see that every Up or DOWN wave in the SnP has been halted only after striking the Bollinger Band lines ; either the mid bollinger line or the outer envelopes . Going by that argument, , this down wave which has started after hitting the mid bollinger line is YET TO STRIKE the lower bollinger line. Which is only moving lower and now is below the TREND LINE support of the channel.

If that channel is broken , even 1040 looks possible.

Dollar charts

Dollar is flying high. After breaking the RED and Orange lines with GAP ups, its now moved above both the 200 SMA and 200 EMA. The GAPs shows the fierceness of the move UP.

Those MOVING AVERAGES  comes around another very IMPORTANT TREND LINE. See the BLUE line . The dollars trading just above it . SO the dollar is breaking very important resistance here.

As for the EUR/USD , it has broken the long term TREND line. As well as the recent low. I dont see any support till 1.3410

NIFTY Updates

All the short term oscillators are overbought. Even daily indicators are overbought. After the target of 4930 was nearly reached in the last fall , Nifty has done good up move.50 % retracement of the last wave is 5211. Huge cluster of resistances here. We would be lucky to reach 5230. And even luckier to cross it and fill that GAP. Rising wedge seen. Even if I dont go SHORT here, I wont go LONG here.

The count I am following . [ii] was a complex correction. So expecting this to be simple abc zig-zag. and it has turned out that way.

SBI:::BEAR FLAG

Looks like a BEAR Flag developing here. We have seen previous such movement in the stock  which are marked by thick PINK channels. Stock has  seen heavy selling after such movement. Also note the OVERBOUGHT OSCILLATORS. The up movement has been lacklustre compared to the huge swing in Nifty. Also it is near the mid bollinger band which provided good resistance or support on  a number of occasions.

Is it predicting a renewed Eurozone crisis or SBI rate hike or BOTH??

DOLLAR is the KEY

....now. And its looking very good. A fierce GAP up move , it has broken key resistances. I find the orange line a good resistance. Once it clears that . it might have a free run ahead.

EUR-USD

Finding support at this TREND line  which had given  support a few times in the last 4 months. Just watching this one, the ORANGE line.

GOLD--Divergence

Gold is great for the long term. I am not advising anyone to sell their holdings now. But I think it shouldn't be bought now. Significant divergences appearing in the technicals have been met with good selling and price drop.

NIFTY Updates

I was going to post this yesterday. But could not .  SHort NIFTY. TARGET 4920.

Nice pull-back in the markets. But I am still sticking to a target of 4920-4930 , if not today then by tomorrow. In the meantime , this HnS in the 5 minute chart  could work .

SHORT candidates for next week.

TCS. Closed below important resistance levels. Unable to sustain the highs. Overbought.

Bearish engulfing candle formed.

Reliance. Last tie i thought it would just strike the PINK line. Actually it went through it but now has hit the parallel channel resistance line . Also OVERBOUGHT TECHNICALS.

SNP update

Everyone's looking at those parallel channels . SnP now is below mid bollinger  band in the below 4 hour chart.
Now it might only find support at the lower bollinger band or that parallel channel support line. Both of which comes around 1150. Stochastics also entering oversold region . Looks like no hope for bulls till 1150.