Day chart has a Doji today , Whole day it was range bound , I did short the market today as prices closed below Hour Low ema , at 12 noon . But then they decided to take support at 5655-5650 zone and bounced . SL was channel top which was first around 5695 and which slowly moved down , Finally there was Dip to 5666 during the last hour and I closed my position there with a loss of 7 points , Phew !!
Did not carry any positions as a corrective is going on ..and moreover I am not available tommorow .
What do the charts say to Me , here it is ...
We are in corrective move presently ,
Now Q is whether we are correcting the move from
5216 to 5720 ( 5 waves over at 5720) or move from 5333 to 5720 ( assuming only 3 waves done at 5720 and one more top above 5720 as 5th wave ) ...lets look at the Fib retracements ...
If it is correction for 5216 to 5720 then this present correction should me more than what 2 and 4 have done
So more than 113 comes to below 5607 and the path can take form of a Flat , zz or a triangle.
Fib ret can be seen in the table below .
And as per option 2 if only 3 waves are done at 5720 then we are correcting the 3rd wave which started form 5333.Again since this is correcting the whole move from 5333 , then the correction should be more than subwave ii and iv which again comes to below 5607.
Price wise we have closed above 5 Dema at 5637 and Also above 5 D hema at 5666 , so day trend is up with momentum .
Hour trend is facing correction , but have closed above Hlema at 5667 . So hour trend down without momentum .
Price wise no weakness .
BUT
-ve divergence still there in hour charts , with macd ( 34 5 5) in sell mode . This sell will negate if this macd shows a +ve crossover.
5 sma and 20 sma are poised interestingly , it may give a Fast rise / Fast fall .
Have a nice day !
Did not carry any positions as a corrective is going on ..and moreover I am not available tommorow .
What do the charts say to Me , here it is ...
We are in corrective move presently ,
Now Q is whether we are correcting the move from
5216 to 5720 ( 5 waves over at 5720) or move from 5333 to 5720 ( assuming only 3 waves done at 5720 and one more top above 5720 as 5th wave ) ...lets look at the Fib retracements ...
If it is correction for 5216 to 5720 then this present correction should me more than what 2 and 4 have done
So more than 113 comes to below 5607 and the path can take form of a Flat , zz or a triangle.
Fib ret can be seen in the table below .
| From | To | Fall/ Rise | 0.236% | 0.38 | 0.50 | 0.618% | 0.736% | 0.80% |
| 5537 | 5720 | (183) | 5,677 | 5,650 | 5,629 | 5,607 | 5,585 | 5,574 |
| 5333 | 5720 | (387) | 5,629 | 5,573 | 5,527 | 5,481 | 5,435 | 5,410 |
| - | - | - | - | - | - | - |
| 5216 | 5720 | (504) | 5,601 | 5,528 | 5,468 | 5,408 | 5,349 | 5,317 |
Hour trend is facing correction , but have closed above Hlema at 5667 . So hour trend down without momentum .
Price wise no weakness .
BUT
-ve divergence still there in hour charts , with macd ( 34 5 5) in sell mode . This sell will negate if this macd shows a +ve crossover.
Have a nice day !
