These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
It has been quite a while since my last post, well, a shade over two weeks. The Nifty has not done anything which was not expected. Still I wonder how many people have made money in this last fortnight.
In a capsule, the previous historic high has been tested and violated. The expected target was achieved, and has been broken. The last deep correction was a shakeout of the bulls, where the previous top was retested.
Since then, all the patterns are still suggesting of good times to come for the bulls. I have yet to see a mad euphoric blow off rise on the index. This is good for the bull. He can still take advantage of the further expected rise.
We have still not seen a meaningful correction for the last rise, in terms of price. Please keep in mind that a correction does not necessarily need to be in price, but can also been in time.
What do I expect? There could be another foray by the bears this settlement expiry, which could be used by amateurs as an excuse to short. This shorting could cost them dearly, as the bulls still seem extremely strong.
By following the Fibonacci extensions, the next logical target for the Nifty Index falls at 4170.
Will it or won’t it? Let us see.
Till then, trade unemotionally, and keep happy.
It has been quite a while since my last post, well, a shade over two weeks. The Nifty has not done anything which was not expected. Still I wonder how many people have made money in this last fortnight.
In a capsule, the previous historic high has been tested and violated. The expected target was achieved, and has been broken. The last deep correction was a shakeout of the bulls, where the previous top was retested.
Since then, all the patterns are still suggesting of good times to come for the bulls. I have yet to see a mad euphoric blow off rise on the index. This is good for the bull. He can still take advantage of the further expected rise.
We have still not seen a meaningful correction for the last rise, in terms of price. Please keep in mind that a correction does not necessarily need to be in price, but can also been in time.
What do I expect? There could be another foray by the bears this settlement expiry, which could be used by amateurs as an excuse to short. This shorting could cost them dearly, as the bulls still seem extremely strong.
By following the Fibonacci extensions, the next logical target for the Nifty Index falls at 4170.
Will it or won’t it? Let us see.
Till then, trade unemotionally, and keep happy.
4 comments:
Well we may see the correction today
I love u sirji ! I had shorted on 27 late noon, but now i have kept strict stop losses. And will turn bullish once the tide turns !
Thank you sirji ! A nip in time saves nine ??
thanks again
reg
ketan
Thank you, Ketan, for convincing me that someone out there is still reading my postings, and taking action on it.
Dusant
Sirji, Net is flooded with "wise / cunning" brokers, as you would muse !! I take my final positions ONLY after reading ur comments. So pl post them, even once a week will do. I am sure there are lots like me, but would not like to write on public forums, so even for their sake, do post as and when u should - we are reading and gaining !
reg
ketan
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