Today nifty did a high of 4877.. Huge Volumes seen.
Candle Stick Pattern
Doji with good volumes:
(Stockcharts.com)After a long white candle a doji signifies that buying pressure is diminished.
After an advance or long white candlestick, a doji signals that buying pressure may be diminishing and the uptrend could be nearing an end. Whereas a security can decline simply from a lack of buyers, continued buying pressure is required to sustain an uptrend. Therefore, a doji may be more significant after an uptrend or long white candlestick. Even after the doji forms, further downside is required for bearish confirmation. This may come as a gap down, long black candlestick, or decline below the long white candlestick's open. After a long white candlestick and doji, traders should be on the alert for a potential evening doji star.
Golden Ratio 61.8% retracement of fall from 5099-4531 comes to 4882( the channel top ) . Prices just fell short of it by 5 points .From golden ratio will nifty now fall ?
Are we in 'C' down in 5 waves? Of which 1 and 2 done now 3 to start....After a huge white candle there comes a doji showing confusion . If we get a Good size black candle tomorow then we are probably going down . Evening star doji.
if not then we are already in the long trade since 4796.
todays Close 4861
Hour 5 ema - 4861
The very simple 5 hour HLC system , is presently in long . As prices close below the HLema the position will be closed and a sell will generate.
If not and 50 starts to fall from here then a fast fall in the making .
9Hour Rsi below the signal line and right at 80 mark.
Slow macd poised right at signal line , one has to see if it crosses it down or gives a fast rise .
Prices trading at channel top(Blue) . Likely that prices see a correction from here ...
Red trendline is already broken upside , we will get to know if this a false breakout.
I feel prices will go down from here ...We will get to know that tomorow.