Indian Charts

Friday, August 5, 2011

Nifty BROKEN MAJOR channel support line of the last 1 and half years today . That RED line has broken and when Nifty bounced off the lows today , it just managed to touched that broken support line and went down a bit. Although a HAMMER is formed i dont see any uptrend here . I see 2 more down days for a target of 5000 area.

4970 is the best support i see.The levels and channel supports can be seen below:

the fibo levels are playing well. 2 good targets are 5031 and 4960. I see some good bounce towards 5300 level only after that.

ELLIOT WAVES:: From whats going around it feels that we are going far lower than 4800. This is the count that I prefer

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Words of WISDOM

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."

--Jesse Livermore

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Friday, August 5, 2011

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