Muhurat trading

SO we got the upmove . The underlying BULLISH TONE was felt because of an ASCENDING  triangle like formation . But now we are at MASSIVE MASSIVE resistance zone .  The GAP just over 5230 should also be major resistance .I dont see the nifty crossing that in the near term . Also at Overbought LEVELS .

SHorting today  for  a target of 5080, i.e 50 EMA( Close)  by Monday .  Todays EU meeting is also NOT EXPECTED to provide ANY REAL SOLUTION .

Happy Diwali

...wishing everyone good health and wealth .

Nifty triangle

So its most probably forming a triangle in the 2nd wave of the C of the 4th .

Europe futures are in GREEN . Waiting for the EUROPE markets to open . The machines ( algorithms ) are doing most of the trading . At that point we might see a bounce in NIFTY to about 5130. At which point we SHORT again for a target of 5060 , which I expect to achieve today itself.  At which point we will BUY for at least 5170 next week target .

No access to software  live charts . Just SPECULATION.

Nifty

No access to software charts . Just watching SGXLIVE.in.

So We are still in the 4th wave .  A , B completed . Now C going on .In that C we have completed 1st . Now we are doing the 2nd . The 2nd , as we are seeing for the last 2 days is showing volatilty , which might be an a-b-c or it may be a triangle. But the thing is i guess we will be going higher after this consolidation to touch 5170 or 5230 to complete the C and also the 4th .

UPDATE 1:05 PM : currently it looks after the steep fall in the morning , this is just a CONTINUATION pattern  and we might touch at least 5010 . there is a chance we might go lower. Other supports are 4990 and then good support at 4970.

Currently at 5036

Illuminati POWER revealed

Maths and Physics can reveal a lot which is hidden.  Once I came up with an article which said that 96% of all MEDIA companies were owned by just 6 MNCs. And these 6 recieve almost all their information which they feed to the public from 2 other companies --REUTERS and AP. So much for the "FREE " press.

The same CONCENTRATION can be found in the other INDUSTRIES  including the all important CENTRAL BANKS of many countries.

One very important article yesterday showed with PROOF just how concentrated POWER is whereas most of the people in this world are WAGE and DEBT slaves.

Welcome to SLAVESHIP EARTH folks. 

http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html 

European Bazooka revealed.

LOL......

or may be this one ...

India VIX

Nifty has seen an incredible rally. I was BEARISH last week as I thought that wedge would play out . But the bearishness Vanished after Nifty crossed 4930. But we have to keep an eye on the VIX . It looks like it is steadily risingas if about to break out Higher.

Updated from yesterdays chart . It stays above the TREND line.

Resting on that TREND line . With oversold conditions , we could shoot higher tomorrow.

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.

TRADE with STRICT STOP LOSSES. And SQUARE OFF before EOD.

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.

Nifty .

Forecast for tomorrow. Go LONG . Double bottom . But just a bounce. Not a huge rally . Chart below with the arrows . Resistances at 4820, 4860 and then the BIG one at 4900. I dont think it will cross that .

Another look at the WEEKLY chart to see where the NIFTY is resting . Remember we had broken a LONG standing channel some time ago . I have drawn another parallel line to that channel from the PIVOT point marked X . The nifty has been bouncing at that line for the last couple of times. In-fact there was a BREACH of that line in the last trading day showing signs of weakness.  If that support is broken , NIFTY can see much lower levels easily.

S&P channeling.

We can see that parallel channel . 1160 level . And no more. What do you think ?