Nifty started the October month with a huge gap down and it could not reach the Day Lema during the intraday Bounce and it closed below the Day Pivot, Lema but managed to close above the Week Lema. A close above the Day pivot of 4851 would help Nifty gain some upward momentum.
Important Day Parameters:
| CHECK LIST-DAY | |||
| CLOSE | 4850 | ||
| PIVOT | 4851 | 5EMA | 4923 |
| HI EMA | 4969 | 10EMA | 4950 |
| LOW EMA | 4881 | 13EMA | 4961 |
| 5 SMA | 4942 | 26EMA | 5007 |
| 20DMA | 5016 | prev HI | 4879 |
| 50 DMA | 5118 | prev LOW | 4824 |
| 50Hr MA | 4912 | ||
| 100Hr MA | 4981 |
Yesterday 161.8% retr of the wave AB - 4830 of Hour TF and almost 78.6% retr of BC of DAY TF was reached. Today owing to weak Global markets Nifty is again Likely to gap down and probability of it reaching 4760-80 levels are High.
Trade Table:
| Trades Initiated | |||
| Current pattern | O_X | A | B |
| Developing Bullish Shark Hour TF | 4759 -5006 | 4908 | 5034 |
| Trade initiated | SL Hr close abv 4855(Day Pivot) | ||
| Sold at 4850 NF on Oct 3 | Retr of AB for C (NS) | ||
| 88.60% | 4922.00 | Bkd PP on sept 30 | |
| 113.00% | 4891.00 | Book PP | |
| 127.00% | 4873.00 | ||
| 161.80% | 4830.00 | Bkd Pr on Oct 3 | |
| 224.00% | 4751.00 | Book pr and initiate Longs | |
| Initiate Longs at 4751-4775NS with SL 4720 NS |
The trendline connecting the lows of 4720 and 4758 will be breached below 4760-70.
Intraday Update 11.00AM:
Intraday Update 11.00AM:
Intraday update 12.30 PM:
As the Hour close has been above 4855 at 10,11 and 12.00 hours the short is terminated.
Intraday update 1.15PM
The trenline support has been reached at 4775NS and also the 94.3% retracement in Day TF. So a buy is initiated at 4780NF with Positional SL 4720.
Intraday update 1.30:
Added More Longs at 4730 NS. with SL 4720 DAY close.
Intraday Update 2.45 PM.
Part Booked Longs intraday at 4785NF as 4800 acts as a good resistance. Holding the rest of the longs with 4720 SL.
Intraday Update 3.00 PM;
As the Hour close has been above 4855 at 10,11 and 12.00 hours the short is terminated.
Intraday update 1.15PM
The trenline support has been reached at 4775NS and also the 94.3% retracement in Day TF. So a buy is initiated at 4780NF with Positional SL 4720.
Intraday update 1.30:
Added More Longs at 4730 NS. with SL 4720 DAY close.
Intraday Update 2.45 PM.
Part Booked Longs intraday at 4785NF as 4800 acts as a good resistance. Holding the rest of the longs with 4720 SL.
Intraday Update 3.00 PM;
As today's low has broken the previous low of 4758, the Bearidh Gartley has to be renamed as Bearish Shark or Bullish ABCD. Todays Low of 4728 is 113% retr of the leg BC (4758 -5034) as per Day TF. If this holds then this becomes the Bearish Shark pattern. If the low breaks then it should be considered as Bullish ABCD with a tgt of 4685-4580. So stict SL for longs should be maintained.
3 comments:
sir., for the first time i have initated a long based on your gartley pattern. will put a stop of 4720NS on close. pls update incase of any change in view... thanks narasinga
@ narasing,
thanks for your interest. I hope you would have booked partial profits too. Keep a strict SL of 4720 - as much lower targets are there as per the updates.
Please avoid sir. Just Satheesh will be fine!!!
thanks Sateesh. I came out during final moments @3.30 out of longs as the closure was below WLEMA 4806. Will take a fresh look tomorrow. thanks for you update at 3 pm...
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