CMP: 5276.85
Closed balance 25% shorts from 5282 @ 9:30 @ 5266 (when 34EMA, 30mins generated a BUY SIGNAL on intra t/f)
Net gains logged : 75% qty : 76 pts ; 25% qty: 16 pts
The way price has been flirting with 20DSMA , & the RECEDING FALLS
5629-5171 = 458 pts
5499-5136 = 363 pts ; & now
5378-5191 = 187 pts,
suggests the following simple EW lable:-
We "may be" in an EXPANDED FLAT B wave , doing its B.c sub-frac up from 5136
B.c "may" have Embarked on its sw3 IMPULSE UP as follows:-
Make no mistake... THIS EW COUNT NEEDS CONFIRMATION , like all others
Other views that support this lable as POSSIBLE
1. Nifty forming a Falling Cup & handle Pattern, Breakout above 5313
Tgts :
T1: 5313 + 137 = 5450 (handle depth)
T2: 5313 + 267 = 5580 (cup depth)
Needs the confirmation of VOLS (@ break-out pt, 5313)
The CnH tgts seem to corroborate the Expanded Flat count... lets c how it plays out
2. 5-10 DEMA forming a "HOOK" ... regular sign of a smaller corrective completing
These views will be further confirmed if Nifty trades >>20DSMA @ 5288
SMO SAR VERDICT:
SMO SAR LEVEL = 5291
1. 5DEMA has changed sign of dy/dx by closing EOD > 5257 , time to EXIT Swing SHORTS
2. 5-10DEMA BULL X-over if price closes tomo EOD > 5291, will trigger LONGS on SWING !
I closed my 34EMA Intra-longs today , when the 21EMA, 5mins TSL was hit @ 13:00hrs (12 pts gain)
Will enter LONGS again if we trade above 5291-5313 BAND
cheers
Closed balance 25% shorts from 5282 @ 9:30 @ 5266 (when 34EMA, 30mins generated a BUY SIGNAL on intra t/f)
Net gains logged : 75% qty : 76 pts ; 25% qty: 16 pts
The way price has been flirting with 20DSMA , & the RECEDING FALLS
5629-5171 = 458 pts
5499-5136 = 363 pts ; & now
5378-5191 = 187 pts,
suggests the following simple EW lable:-
We "may be" in an EXPANDED FLAT B wave , doing its B.c sub-frac up from 5136
| A | 5629 | 5171 | -458 | ||||
| B.a | 5171 | 5499 | 328 | ||||
| B.b | 5499 | 5136 | -363 | -110.7% | |||
| B.c | 5136 | 5666.704 | 530.704 | 161.8% |
B.c "may" have Embarked on its sw3 IMPULSE UP as follows:-
| B.c.sw1 | 5136 | 5378 | 242 | ||||
| B.c.sw2 | 5378 | 5191 | -187 | -77.3% | |||
| B.c.sw3 | 5191 | 5525.444 | 334.444 | 138.2% (min tgt) |
Make no mistake... THIS EW COUNT NEEDS CONFIRMATION , like all others
Other views that support this lable as POSSIBLE
1. Nifty forming a Falling Cup & handle Pattern, Breakout above 5313
Tgts :
T1: 5313 + 137 = 5450 (handle depth)
T2: 5313 + 267 = 5580 (cup depth)
Needs the confirmation of VOLS (@ break-out pt, 5313)
The CnH tgts seem to corroborate the Expanded Flat count... lets c how it plays out
2. 5-10 DEMA forming a "HOOK" ... regular sign of a smaller corrective completing
These views will be further confirmed if Nifty trades >>20DSMA @ 5288
SMO SAR VERDICT:
SMO SAR LEVEL = 5291
1. 5DEMA has changed sign of dy/dx by closing EOD > 5257 , time to EXIT Swing SHORTS
2. 5-10DEMA BULL X-over if price closes tomo EOD > 5291, will trigger LONGS on SWING !
I closed my 34EMA Intra-longs today , when the 21EMA, 5mins TSL was hit @ 13:00hrs (12 pts gain)
Will enter LONGS again if we trade above 5291-5313 BAND
cheers
Hi Shri,
ReplyDeleteOne more point to remember, when a stock trades in a range or in a channel like its doing right now in a falling wedge pattern, if it does not hits the lower line and moves up it mostly means its going to break the upper line.
Vice versa, if it does not hits the upper line and turns around, it means its probably going to break the lower line. The volume or price action increases faster once the event happens.
This is from Mr Muphy's book that i read in my initital days of analysis. Again, nothing is written on stone. So we need to see if it breaks the upper line. If it does, then the targets need to be calculated.
True sachin..
ReplyDeleteTats y we base it on close > 5291, and not just depending on EW or patterns...
SMO SAR level for today is 5291 :-)