Indian Charts: NIFTY Updates

Tuesday, August 2, 2011

NIFTY Updates

Charts in all timeframes show OVERSOLD conditions . Divergence appears in technicals in various timeframes. We see from the 90 minute chart below that the Nifty has HIT important trend line . Also a WOLFE WAVE can be seen . I see a rally from here on to hit that RED WW target.

A closer view of the WOLFE WAVE below :

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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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Tuesday, August 2, 2011

NIFTY Updates

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