High news day so keep an eye on this trendline:
Breach of trendline followed by breach of 5258 wd signal the end of upmove for time being.
End of pre-open session is showing 5240 so we should be seeing 5200 today guided by following TLs:
And it calls for some change in labels:
So going above 5350 to test the trendline 6339-5630 is a Probability even now.
However,if we go into (i) territory,that is go below 5194--then that Probability would be annulled.
12.35 PM
Getting close to first support levels:
1.18 PM
As per following Probability,we should long now for targets 5350+ and Stop-loss 5194
3.25 PM
Daily candle is looking very bearish as the trendline has been broken with a gap-down which has not been filled.
I am retaining my longs---even then---as I believe one leg of upmove is pending and the trendline 6339-5630 has to be tested for any appreciable downmove.
EOD:
Have retained my longs bot at 5220(NS) with SL at 5194.
Classical TA would negate it--trendline broken and MACD given bearish cross-over.Negative-cross-over of 5DEMA/10DEMA,though,has yet to occur.
EW was the sole factor for retaining longs---and that too my perspective of EW--which is not acceptable to many.
But , then, I have to set-up trades as per my conviction/readings--so should everybody else
Raghu
Breach of trendline followed by breach of 5258 wd signal the end of upmove for time being.
However,if we go into (i) territory,that is go below 5194--then that Probability would be annulled.
12.35 PM
Getting close to first support levels:
As per following Probability,we should long now for targets 5350+ and Stop-loss 5194
Daily candle is looking very bearish as the trendline has been broken with a gap-down which has not been filled.
I am retaining my longs---even then---as I believe one leg of upmove is pending and the trendline 6339-5630 has to be tested for any appreciable downmove.
Have retained my longs bot at 5220(NS) with SL at 5194.
Classical TA would negate it--trendline broken and MACD given bearish cross-over.Negative-cross-over of 5DEMA/10DEMA,though,has yet to occur.
EW was the sole factor for retaining longs---and that too my perspective of EW--which is not acceptable to many.
But , then, I have to set-up trades as per my conviction/readings--so should everybody else
Raghu
guruji,
ReplyDeletedoes banknifty look to have completed classic 5 wave move to you