This is my trading file to organise and jot down my take on the market .I do Technical Analysis. This blog is to keep track of my baby steps so that I can look back at my journey .Looking back tells me how far I have come from days when I knew nothing and can go further .It gives me motivation to keep going on even when I am tired. One has to back up trading with their own studies. The charts I post here are 99% inspired from Ilango sir.

Friday, 16 December 2011

What a Fall!!

OMG !! what a fall

So covering at 4782 was really good .
Look at the channels now.

Going short below
 first below hour low ema and then below day low ema would have been great , but I did not do that .
Currently nifty has broken the Low at 4639 and touched 4628 today , very bearish sceen as seen by me .

On the Higher counts I am counting as
ABC zigzag from 5400
    A- 5400-4639 =761
    B- 4639-5099 = 460
    C is on (Down) in 5 waves , Expectation = A = 761 which comes to 4338 !!!!!!
           1   5099-4728 =371
           2   was a irregular flat , whose wave c could not do the expected that is above wave b so effects could be very implusive wave 3 ...I guess which we saw today.
      so 2 = 90
             c-4673-4818 ( fell short of expectation which was above 4839 atleast)
Now 3 going on in 5 waves min target = 1 = 371 which comes to 4447
 we touched 4628 today 16th dec.
I think i is done of this 3 as
           i- 4818-4628=190  
          ii-4628-4671* is going on
         Retracement lvls for this corrective wave can be
         23.6%(4673) Almost done today
         61.8%(4745)Golden ratio
Lets see what Monday brings.

A good +ve divergence is also seen in 9 rsi hour chart .
I can see fast fall as well here with 7 and 34 Sma .

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