Nifty trade--The PLAN( update --5th Jan---Change of PLANs)

UPDATE :::3:30 PM -------SQUARE OFF ALL LONGS. AUD/USD has broken down . Next week we will see down move. Going  SHORT . Next week we might revisit 4520 area agin.
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Update -5th Jan .

Hi everyone .  

The markets is  not as strong as I would have liked . The wolfe wave target shown by PINK LINE  given in the chart below should be met . But the question is HOW. It looks like we will go down first and then go for a rally . As we can see in the chart below , the upper level of BOLLINGER band has come down .Nifty wont cross that level without coming down . Both that level and the downward resistance line are showng that at most nifty can travel is 4850 area. We should be trying to reach that target , by tomorrow.

At which point we might GO SHORT .

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Nifty Plan update --2 Jan-2012

Weekly CHART below . Two good indicators the CCI(8) and stochastic(5) are in oversold zone. Dont see huge sell-off at this moment. Nifty has corrected around 90 more points than I expected.  The WOLFE WAVE line intersects the down trend resistance line at around 5280...So I think thats the maximum the Nifty can go . Also  Nifty has around 8 more trading days left  to touch that . Lets see what the market does.  Last year all the gains came in the 1st fortnight of January. After that Nifty has been crashing in SLOW MOTION. Also COMMERCIALS are NET LONG the EURO hugely . Seeing a squeeze there.

Another important thing is that January 10-11 is roughly 34 month from the MARCH 2009 low. So that should be significant time around there.  So lets hold on to the CALLs till that time or atleast till this week.

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Update(28 dec--2:pm):-----Nifty should touch 4685 area. There we BUY January CALLs for a 1st target of 4930-4940.



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I still believe we are going a lot higher than the current levels as I forecasted::---

http://markettechnicals-jonak.blogspot.com/2011/12/nifty-update.html

From pattern and symmetry it looks like we rally for 16 TRADING DAYS. I will post more on that later.  Now 4820-4830 is very good resistance . I expect Nifty to take a pause there. So we should see that level by tomorrow . Where I would SQUARE OFF the longs. Then I should take a small SHORT POSITION . I am thinking of a downmove to 4720 . And thereafter no more DECEMBER CONTRACTS. Expiry is very near.  By Thursday or Friday , I should be going  LONG JANUARY contracts.

Happy Trading.

GOLD targets higher.

Check that PINK Wolfe Wave target line  in GOLD showing a target of atleast 1900 dollars. This surely is one of the few good buy opportunity.

Nifty ::Massive rally ahead

4650 area was the target i was looking for . Looks like the FALL is going to end on Monday, after breaking 4600. Target for me is 4570.

http://markettechnicals-jonak.blogspot.com/2011/12/nifty-short-opportunity.html


But after that we are going to see a MASSIVE MASSIVE RALLY. The Santa rally everyones is praying for. The wolfe wave RED line is the target. Also the channel resistance whch wasn't touched last time could be touched. 200 DMA also at the same place. 5300 coming and it will be very fast.

The EUR\USD is all set to rise. Because zerohedge says the shorts are at record highs.

http://www.zerohedge.com/news/net-eur-short-position-soars-all-time-record-implies-value-eurusd-below-120

So , its holiday time and volume will be low. So I will settle for a EPIC short sqeeze rahter than 1.20 on EUR/USD.And as world markets correlates 100% with  EUR/USD , the markets are going to EXPLODE higher.

Wipro , GE SHIP, EVEREADY

I had noticed this nice Wolfe Wave on Wipro . I thought when NIFTY comes down a bit from that 5050 level , wipro will fall a bit tooand  I would post it as BUY . But this did not fall even today . Targets in the chart. Some people might wait for it to fall to 380-390 level and then buy . But cannot say anything about that .

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Next stock is GE SHipping . With Oil going high and threat of a war in the ME, shipping cost too should increase. This stock has not one but 2 wolfe waves . But for the time being one might target the lower target area.

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Eveready is already corrected to much lower levels. Now the support level lies very close at 24 while the stock is now trading at 26.30.

Like GE Shipping , 2 wolfe waves seen. This looks like a good buy at these levels.

 

Thanks.

Nifty --Short opportunity

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The dollar is finding good resting place . I mentioned the parallel channel a few posts back.

Here is one very interesting chart. I have added the bollinger band in the daily chart for 34 period.
Everytime since nov 2010, when the markets came down hugely , it retraced for some days to touch the mid level bollinger band. These points are marked by down arrows. Then again it came down atleast 75% to touch the lower bollinger band. This time NIFTY has stopped exactly at the mid level bollinger band.

Lower Bollinger band currently stands at 4680 . That could be one of the target if we go down from here.

And then we have actually 2 GAPs to fill .

One gets filled at 4833 and other gets filled at 4730. I am waiting for a target of atleast 4830 on this down move . (But what do I know , markets can go straight up from here and I will end up with plenty of holes in my pocket)

The dollar just pricked the channel support line and then is UP substantially . So are the  US 30 year treasuries. If the dollar stays at the same place where it closed last friday , I expect Nifty to open at leats 50 points lower.