Nifty Daily Chart -
Complex Wave Correction (ABC-X-ABC) seen in the Nifty daily Chart below. Whereas first & Second B wave correction looks like Diametric Pattern.
Diametric Pattern is 7 legs corrective pattern and variation of Triangle Pattern as per Neo Wave analysis. This forms by combination of Expanding and Contracting triangle. This is Exactly opposite of Bow Tie Diametric Formation which forms by combination of Contracting first and than Expanding Triangle (seen below in the RSI chart).
In Above Chart of Nifty, 2nd B wave is nearly completion of as current price is in last 'g' leg of diametric. Reversal to upside for "C" Wave is still yet to confirm and hopefully we will get in the remaining days of this week itself.
8518 and further 8475 is key support for this rally and breach of the level will invalidate the pattern.
Purpose of sharing this Chart for study Analysis and Nifty is standing near to Make or Break level. Thanks.
Happy Trading!!!
Yogi :-)
Complex Wave Correction (ABC-X-ABC) seen in the Nifty daily Chart below. Whereas first & Second B wave correction looks like Diametric Pattern.
Diametric Pattern is 7 legs corrective pattern and variation of Triangle Pattern as per Neo Wave analysis. This forms by combination of Expanding and Contracting triangle. This is Exactly opposite of Bow Tie Diametric Formation which forms by combination of Contracting first and than Expanding Triangle (seen below in the RSI chart).
In Above Chart of Nifty, 2nd B wave is nearly completion of as current price is in last 'g' leg of diametric. Reversal to upside for "C" Wave is still yet to confirm and hopefully we will get in the remaining days of this week itself.
8518 and further 8475 is key support for this rally and breach of the level will invalidate the pattern.
Purpose of sharing this Chart for study Analysis and Nifty is standing near to Make or Break level. Thanks.
Happy Trading!!!
Yogi :-)
Yogiji,plz post your view on morepen labs.its not moving at all
ReplyDeletePlease read post on Morepen lab which posted last month.....
ReplyDeletehttp://yogeshtamkhade.blogspot.in/search/label/Morepen%20Lab
Its long term picks and its needed minimum 5 years holding for good returns.
It has support near 17.5 - 18 levels mentioned in the blog last month..
On 19th Aug, it made low of 18.10
Let us watch further, whether price is sustaining at this level...if not need to review it again. thanks.
thanks yogiji
ReplyDeletehello,i saw the post on morepen,seems it has started moving.the time in the chart too says end of August.plz give your views on welspun india after the fall.
ReplyDeletehello,i saw the post on morepen,seems it has started moving.the time in the chart too says end of August.plz give your views on welspun india after the fall.
ReplyDeleteAvoid to Catch Falling knife!!! Technically chart doesn't understand... Might be BAD news....Lets settle the dust and then think of it or better avoid...
ReplyDeleteOk.thanks a lot
ReplyDeleteOk.thanks a lot
ReplyDelete