5050~5100 must be tough to break. . . .

I like to draw lines and then make some inferences I am not good at Elliot count and any other advance indicators. So here is my idea about the Nifty using such lines.

Looking at the lines on the all time Nifty we can say there is Big bull run started in the mid of 2003 which had 2 minor landing on the black trendline and 1 major correction landing on the green trendline.

Now that the major correction got completed in 2009 end the next phase of the Big bull run have started and it is expected to have 2~3 minor corrections which will land on the black line. Current correction is the first of the lot and this will take Nifty to 5050~5100 level as can be seen on the 3yr chart below.


By above I expect that Nifty below 5000 is highly unlikely and if it do go below 5000 my all stops would have hit and I will be in 100% cash

5 comments:

Murtaza Attari said...

As usual .. a very coolheaded approach Yagnesh.

imo U r the only one posting at SmellCheese imo :)

Cheers ...

yndesai said...

Thanks 4 ur comments.

I post at Smellthecheese as to reach my good old friends like you.

Cheers.

gandharvashu said...

Nifty is heading to 3800 level, exact is 3812, so do not buy anytime soon and really bull run will start after 2015.

When you will see Fibonacci ratios, you will see 3812 is major support level. Fibonacci ratio is used well with Elliott waves to make projections. I am not an Elliott expert but have seen leading analysts doing this.

First major support at BSE Sensex is at 15200.

This is going to be the period where traders will not make money and market is in bear downtrend.

Soon market will be lackluster with no big moves and traders will lose interest and investors will start gathering stocks slowly.

This is my basis and I follow Vivek Patil's report closely and he is the India's #1 Elliott technical expert.

yagnesh said...

Hi Gandharvashu

If you have fib calculation showing 3812 as target please share. It can be a good discussion.

Traders are making lot of money shorting futures hence need not worry about them.

I also follow vivek patil and his projections on Sensex are 17700 and 14800. But since he develops multiple scenarios you can not quote him without references.

gandharvashu said...

Hi!

Posting a link of one more blog. This guy seems to be following wave counts exactly at the moment. Check him out.

http://elliotwaveindia.blogspot.com/

and also check his previous messages and you will found out 3812.

Cheers

Google