Friday, 7 March 2014

Are we heading towards 7200- Part II

Hello Friends, 

First of all apologies for not updating blog. Kindly note that we have Facebook which is updated on regular basic. 

Back to market....  :) 

This is snap shot from October post. As per classical technical analysis once head and shoulder pattern gives breakout first target is height of shoulder , hence I mentioned 6400 ( top made was 6415 ). After reaching first target Nifty consolidated in narrow range frustrating traders. Yesterday we had breakout from the same. 

Going forward :

Monthly chart:

Above is monthly chart of nifty. It is breaking out of very long term consolidation. A monthly close above 6350 will be very very bullish. 

Weekly chart:

Weekly chart with Elliot wave count for OCT 2008 low

5 Hour chart:

Above chart shows Elliot wave count from major low of 5118. Wave (i) of impulsive wave finished as leading diagonal. We are currently in very powerful wave 3 which will target min of 7200  and above this 7350.

Off course all of this will not come in one short, there will be retracement in between. Long term key support has been shifted up to 5930.

So plan your trade accordingly and once again fingers crossed for 7200. 

Till then "Happy Trading" :) 

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  1. Nice write up.....I know how difficult it is to trade and manage a blog tooo....but do keep updating ur blog...Thx.

  2. Thank you for giving time and simple but useful information.