2nd Day Camarilla Update
We kept out stop loss at 5463 , but squared off at 5457 ..based on EW . We did go to 5438 for the day and completed 5 waves there as wave 1=68 points .
1 5499-5470
2 5470-5485
3 5485-5440
4 5440-5457
5 5457-5438
and breaking 5457 to upside was confirming an abc retracement of fall from 5499 .
Continunning with EWcounts ...
this is one possibility
a 5438-5470 ( as zigzag)
b 5470- 5446 ( extended flat)
c to up going on can do =a = 32 which comes to 5478 lvls , which is also close to 61.8 %(5476) of fall from 5499 to 5438 ...If this count is valid then one can sell there .
Invalidation : If we go below 5438 now without touching this 5476 lvls then this above count is invalidated .
Now if we go below 5438 then we have done abc at 5470 and are in 5 waves down as Wave 3 of this move from 5499 .
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Conclusion based on MA ,
5 Day ema is at 5389 and close above , will keep the trend up also to note is closing above day high ema at 5428 keep the momentum up as well .
All in all Trend is UP hour wise , Day wise , Week wise and month wise .
no weakness in momentum .
The gap from 5430 to today opening at 5491 is also Not filled fully , we retraced to 5438 leaving 8 points .
1 5499-5470
2 5470-5485
3 5485-5440
4 5440-5457
5 5457-5438
and breaking 5457 to upside was confirming an abc retracement of fall from 5499 .
Continunning with EWcounts ...
this is one possibility
a 5438-5470 ( as zigzag)
b 5470- 5446 ( extended flat)
c to up going on can do =a = 32 which comes to 5478 lvls , which is also close to 61.8 %(5476) of fall from 5499 to 5438 ...If this count is valid then one can sell there .
Invalidation : If we go below 5438 now without touching this 5476 lvls then this above count is invalidated .
Now if we go below 5438 then we have done abc at 5470 and are in 5 waves down as Wave 3 of this move from 5499 .
-----------------------------------------------------------------------
Conclusion based on MA ,
5 Day ema is at 5389 and close above , will keep the trend up also to note is closing above day high ema at 5428 keep the momentum up as well .
All in all Trend is UP hour wise , Day wise , Week wise and month wise .
no weakness in momentum .
The gap from 5430 to today opening at 5491 is also Not filled fully , we retraced to 5438 leaving 8 points .
2 comments:
Dear Smita,
the missed clue is if nifty opened at R2 or R3 it has a tendency to come back to PIVOT level. on 12th nifty opened at 5420 and reached 5328.PIVOT is 5322. and today it opened at 5491 and reached 5438. PIVOT is 5424.in both the cases nifty opened at R3. kindly observe.
thank you.
Dayakar ,
Many thanks for pointing out the observation . Will keep that in mind .
Thanks !
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