Nifty EOD 04-04-2012

At the beginning of trading session, the 5 hr.ema chart was:

And at the close it looks like:

The Daily chart along with 5DMA & 20DMA ,at the beginning of session was:

And at the end of the session:

while the evening star has got formed[I don't know why icharts changed its colour from red to green :-D],
the long legged dozi got its support from converging 5DMA & 20DMA around 5300.
So,is the Corrective over?
- In percentage terms, we have retraced 73points(=5378-5305) of Impulse(5136-5378=242) i.e. 30.1%.
thus doing more than the minimum 23.6%. And lets try to see whether the wave-form has got completed or not?
And the thresholds shown in following chart would confirm whether the Corrective is over or not. Usually this confirmation comes at the end of pre-open session itself. I have taken a long position towards the close primarily because overall trend remains upwards and nowadays intra-day positions donot generate gains as gap-ups & gap-downs have become order of the day. In case of a gap-down,longs can always be added at proper points---

Enjoy the long week-end.

Raghu