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Thursday, October 6, 2011

Nifty --7th October

OK.So as expected in the last post we go up. But now the thing is how high we go . 1st chart below shows some important information .

We close the GAP( shown in ellipse) created a few days back when we reach 4943.   Now this pattern that we see marked 1-2-3-4-5, I have actually observed this pattern many times before in other securities as well as in different time frames in NIFTY itself. This is a BEARISH pattern  and a BIG FALL should come after point 5 . Now point 5 may touch that upper resistance line or may just manage to cross it . Whatever be the case i don't expect to go too much higher.

Now lets see if we can do some good trade today . I expect NIFTY to touch atleast 4944 by EOD . SO lets take a look at that 1 min chart.

We see the GAP .  I have marked Elliot waves . I think we should go LONG at this level. for a TARGET of 4944. 50 points are still a lot.  I am also holing my previous LONGS.


No LONGS now. NIFTY looking weak . Its almost EOD. Broken a channel. Todays JOBs data is expected to be WEAK . And according to ZEROHEDGE , all the raly of this week has been of SHORT cvering as SHORT interest was at a very HIGH level. You know what happens after rallies ON short covering .

Going SHORT now. I dont want to miss PROFITS because of GAP down . And I feel MONDAY has a HIGH PROBABILITY of a GAP down . I think 5 waves have ended with a truncated 5th . No Gurantee but its a good point to short.

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