Markets are really now up at crucial resistance points and have a parabolic shape. Most of parabolic markets end badly . The day saw markets striking against resistance levels and SOLD off with HUGE volumes. First look at a very important DEFTY chart. Very very overbought too.
I did one post on Bank Nifty which was following a kind of count ( not elliot wave count).
http://markettechnicals-jonak.blogspot.com/2012/08/bank-nifty-fun-chart.html
This is very important analog I think and Bank Nifty might go on to hit that trend line again to form point 14 like in 2010. That point 14 is near the point 10 level and that means Bank Nifty might fall a lot from here.
Nifty is going absolute parabolic. We do have a very good WOLFE WAVE with targets shown by red line.
RSI (210) is at years overbought level. MACD has hidden and regular divergence. And if BANK NIFTY really makes that 13--14 path as shown above , there is a chance we might hit that WOLFE wave target below 5200.
One more addition. Most likely cycle that is being followed by markets around the world is this US presidential cycle. As I said before this should be the TOP and Ocober 1st we should be doing a 80 week Hurst cycle bottom. Major rally after that.
Lets see. I am holding on to shorts now.
I did one post on Bank Nifty which was following a kind of count ( not elliot wave count).
http://markettechnicals-jonak.blogspot.com/2012/08/bank-nifty-fun-chart.html
This is very important analog I think and Bank Nifty might go on to hit that trend line again to form point 14 like in 2010. That point 14 is near the point 10 level and that means Bank Nifty might fall a lot from here.
Nifty is going absolute parabolic. We do have a very good WOLFE WAVE with targets shown by red line.
RSI (210) is at years overbought level. MACD has hidden and regular divergence. And if BANK NIFTY really makes that 13--14 path as shown above , there is a chance we might hit that WOLFE wave target below 5200.
One more addition. Most likely cycle that is being followed by markets around the world is this US presidential cycle. As I said before this should be the TOP and Ocober 1st we should be doing a 80 week Hurst cycle bottom. Major rally after that.
Lets see. I am holding on to shorts now.
nifty has gone parabolic because its probably a third wave at some degree. Expect 5750 at least. Thanks Vimal
ReplyDeletei dont like elliot wave .....But 5750 means serious resistances has to be crossed....at this overbought level...i doubt that it will happen in this rise ....
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