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 is really a case of so near yet so far. The Nifty stopped just 30 odd points from a projection. Normally, when we see profit booking at such a high level, and then see a lower low than the past few days, we could assume that the short term trend has turned down.
It was expected that the Nifty would start correcting on Wednesday or Thursday. It seems a day later than what we had expected. This suggests that the long term trend is still intact, and this can only be labelled as a correction. Till we see any evidence to the contrary.
On Friday, the volatility in the Nifty could have scared even the die hard traders.
The short term trend is assumed down, and the intermediate term and long term trends are still up. Dips may still be used to enter buy positions.
Trade happy.
On 11 January, (Click here!) I had shown a chart with a bullish set up.Today I am showing a chart with a bearish set up.
This week, we had been expecting a short term decline, and here is how we could have remained alert for such an occurrence. As has been suggested earlier, look for the evidence, on any time frame, be it hourly, daily weekly or monthly.
2 comments:
great, now the bear in me is getting confidence again !! haha. tx sirji !
reg
ketan
sirji, cud it happen that next week - the expiry series, we remain between 4050 and 4250 and not correct ???
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