So we made a ST top at 5630 today , Divergence plays its part today .
Moving Average:
After a long time prices closed below 5 day close EMA and below Day high ema at 5580 ,bringing sell on rises in picture .
Prices have taken support at Day low ema zone( 5498 ).
7 hr ma is below 21 and 34 hr MA.
prices closing around the channel bottom .
A good buying opportunity ?? to the channel top ? unless the channel is broken . We have for sure started the fall anticipated today.
EW :
the Fibonacci Retracements:
For the move from 4588 - 5630
Candle stick Pattern :
We have a bearish engulfing today , Not only does this cover the previous day's candle but last 3 days candle.Indicating further decline in prices in the coming days .
Conclusion :
Since the prices have closed below the 5 day ema , now the day and hour trend are DOWN .
5498 being the DLema ...I will wait for some rise and short from higher lvls ...
Lets see if I can do that.
I must confess that I was short in the morning at 5590 lvls ...but closed my position at 5606 with 15 points SL....whole afternoon regreted as nifty fell 100+ points after that .
Moving Average:
After a long time prices closed below 5 day close EMA and below Day high ema at 5580 ,bringing sell on rises in picture .
Prices have taken support at Day low ema zone( 5498 ).
7 hr ma is below 21 and 34 hr MA.
20 period High low band . prices closed below the lower band .
Channels :prices closing around the channel bottom .
A good buying opportunity ?? to the channel top ? unless the channel is broken . We have for sure started the fall anticipated today.
EW :
We complete the 5th wave today at 5630. We should be retracing now this move from 4588 to 5630 .
the Fibonacci Retracements:
For the move from 4588 - 5630
Candle stick Pattern :
We have a bearish engulfing today , Not only does this cover the previous day's candle but last 3 days candle.Indicating further decline in prices in the coming days .
Conclusion :
Since the prices have closed below the 5 day ema , now the day and hour trend are DOWN .
5498 being the DLema ...I will wait for some rise and short from higher lvls ...
Lets see if I can do that.
I must confess that I was short in the morning at 5590 lvls ...but closed my position at 5606 with 15 points SL....whole afternoon regreted as nifty fell 100+ points after that .
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