My trading system where in I use
1) 5 hour high and 5 hour low moving averages band with closing price at the end of hour as signal , generated a sell after 3:00 pm candle .
2) The price has just come to lower channel line that you can see in the chart below , If the prices break this line , then as per my understanding we are done with 'B' and are in 'C' to down in 5 waves .This 'B' retraced the move labeled 'A' from 5400- 4639 near to the Golden Ratio at 5108 .
1) 5 hour high and 5 hour low moving averages band with closing price at the end of hour as signal , generated a sell after 3:00 pm candle .
2) The price has just come to lower channel line that you can see in the chart below , If the prices break this line , then as per my understanding we are done with 'B' and are in 'C' to down in 5 waves .This 'B' retraced the move labeled 'A' from 5400- 4639 near to the Golden Ratio at 5108 .
3) Hour slow Macd generated a sell signal .
4) Prices closed below Hour high ema at 5088 , H 5 ema 5078 and Hour low ema 5056 .
-ve Divergence was also confirmed by prices moving below the 5 ema .
Now the above analysis is only on Hour data , one has to check the daily data as well . Day High ema at 5026 still protected and then Dema at 4997 , once these get broken then nifty can drift lower.
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