Are we back from the brink?
Only if the channel gets broken on the downside.
Even if it does, June series would be remembered by me for its stubborn ability to trade at top range of 5100-5190 for almost ten days.
And when it appeared to have wriggled out of 50DMA and 4 month old descending trendline,would we fall back in the descending channel and test its nadir again-- or this "throw-over" is an indication that even if we fall back in the descending channel,we would not be testing its nadir---my Count favors the second option and I feel too tired to be enthused--- (number of stop-losses hit on shorts,lack of conviction to go long above 5100 and premia sucked from remaining PEs should take the responsibility for it)
Let's take each wave as it comes:
9.35 AM
Channel survives--yet again:
10.00AM
Ribu says:
"dear sir
when manipulation is there do yu think our technicals matter how yu justify yesterday rise
this is omnious sign and we can crash as all have become postive"
Only if the channel gets broken on the downside.
And when it appeared to have wriggled out of 50DMA and 4 month old descending trendline,would we fall back in the descending channel and test its nadir again-- or this "throw-over" is an indication that even if we fall back in the descending channel,we would not be testing its nadir---my Count favors the second option and I feel too tired to be enthused--- (number of stop-losses hit on shorts,lack of conviction to go long above 5100 and premia sucked from remaining PEs should take the responsibility for it)
Let's take each wave as it comes:
Channel survives--yet again:
Ribu says:
"dear sir
when manipulation is there do yu think our technicals matter how yu justify yesterday rise
this is omnious sign and we can crash as all have become postive"
It is not my job to "convert" non-believers into followers.
Technicals do not guarantee profits --- nor do I !!!
EW patterns are easy to explain once the wave is over---
regarding yesterday's move,yes it has a valid EW pattern(though I doubt Ribu would understand):
12.05 PM
12.16PM
Finally---channel breaks
Now look for next support:
1.07 PM
1.30 PM
Too much volatility making it difficult to decipher pattern--
2.45 PM
3.22 PM
Best trade would be to short between 5160-65 with SL at 5190
EOD:
The Yc2 channel survives one more day---
Too much volatility making it difficult to decipher pattern--
2.45 PM
EOD:
The Yc2 channel survives one more day---
Guru ji!
ReplyDeleteChannel supported again, u r right. Hats off to ur openminded analysis alwaz:-)
dear sir
ReplyDeletewhen manipulation is there do yu think our technicals matter how yu justify yesterday rise
this is omnious sign and we can crash as all have become postive
dear sir
ReplyDeletewith due regards; i do understand we trust yur view ponint technicals favous always but they trust patience
regards
Dear Ribu,
ReplyDeleteYes !!! Markets test patience and particularly near series end they eat option-premia very fast.
Give it some more time---
Sir,
ReplyDeleteyesterday, you last call was short below 5142, though did not trigger, today it is the high, also the 61.8% retrace of 5170-5097 at 5142, :)
dear sir
ReplyDelete5090 is critical and can have algotradeby fiis
raghu sir - Yc 3 opened today?
ReplyDeleteLooks like--
Delete:-)
guruji
ReplyDelete5127.05 wud be goos sl for shorts frm ew perspective??
No--not exactly.
DeleteLet it be at day's high
Sir , very difficult . My SLs are getting hit again and again ...
ReplyDeleteI think its time to take a break and decide what I want to follow here , in this vast and deep sea called Markets.
sir if algo trade happens as there is lot of volatility and 5140 is providingresistance
ReplyDeleteGuru ji!
ReplyDeleteIts still not shwoing sign of 3rd down, i agree with ur yesterday's view that it may fall after expiry:-)
dear sir channel id still open it is just people are overoptimistic
ReplyDelete