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.



Sunday 4 December 2011

Nifty as I see on 3rd Dec 2011

From High of 6338 , Labeling the move to 4639 as follows
W- 6338-5177
X-  5177-5944
Y-  5944-4720
XX 4720-5400
Z (going on)

As per EW presently I see 3 options in play.


Option 1
Another zigzag in play (A, B , C) making the whole correction from 6338 a triple zz.
A going on
   1. 5400-5205=195
   2. 5205-5326 =121
   3.  5326- 4639=687
   4. 4639-5062*
Right now 4 has reached exact .618 *1 ( The golden ratio).5 should start down I feel , to complete A in 5 waves down.This 5 should be equal to 1 in time and magnitude .
Invalidation point would be to enter in the territory of wave 1 , that is to go above 5205.

Option 2

We see 3 waves presently from 5400 down ,
so it can be a flat correction too as we see 3 waves up to 5062 making it (3 3 5)
so now 5 waves to unfold DOWN.

Option 3

If we go above 5205 then probably we are in a larger flat towards 5400 . Move from 5400-4639 is a  3 wave move.