Partbooked at 4920NS - 4940NF.
Intraday Update:
Shorted aggressively at 5000NF with SL 5020NS 50 Dma and 50% retr of 5400 - 4639.
Pre Market view Dec 1 2011:
Owing to Global clues NS is likely to give a huge gapup near 4980 -5000 ranges which coincides with the alternate 1 scenario and the Bearish shark pattern of Day TF.
The 50 SMA comes to 5020. It is important to watch this level.
ANALYSIS FOR DEC 1:
Nifty made a High near the Day Hema and Low near the Day Lema and closed below the Day Hema but above Pivot and 5 EMA showing upward momentum. It has closed just at the Month Lema of 4833.
| Month Levels | |
| CLOSE | 4832 |
| PIVOT | 4933 |
| HI EMA | 5431 |
| LOW EMA | 4833 |
| 5 EMA | 5126 |
| 3 EMA | 5026 |
| PrevHigh | 5326 |
| Prev Low | 4639 |
There are two possibilities existing now as per EW count:
Alternate 1:
4639 -4865 - wave 4a4865 - 4755 - wave 4b
wave c = min wave a = 4755 + 226 = 4981
Alternate 2:4639 -4865 -wave 4a
4865 - 4755 - wave a.4b
4755- 4851 - wave b.4b
4851 - 4740-20 - wave c.4b.
Bullish Gartley Pattern in Hour TF:- valid with Alternate 2 EW count
XA -4639 -4865B -4755 -50% retr of XA
C -4751 - 88.6% retr of AB
Projections for D:
78.6% - 4775
94.3% - 4760
113% - 4742
127% -4729
The above pattern would be valid only if 4851 is not taken out. If 4851 is taken out then the Day TF of Bearish Shark pattern would come into play.
If 4851 is taken out then, - the Alternate 1 EW count will be in picture
the Bullish Gartley will be invalidated and Bearish Shark pattern DAY TF will take its place.XA - 5400 - 4639
Projection for B:
38.2% of XA - 4929
44.7% of XA - 4979
| CHECK LIST-DAY | |||
| CLOSE | 4832 | ||
| PIVOT | 4813 | 10EMA | 4849 |
| HI EMA | 4847 | 13EMA | 4879 |
| LOW EMA | 4754 | 26EMA | 4958 |
| 5EMA | 4811 | prev HI | 4851 |
| 5 SMA | 4791 | prev LOW | 4755 |
| 50DMA | 5020 | 20 DMA | 5004 |
| 20 Hr MA | 4817 | 50 Hr MA | 4771 |
| Trade Table | |||
| Current pattern | X-A | B | C (current) |
| Bullish Bat pattern Hour TF | 4639 - 4865 | 4755 | 4851 |
| Trade initiated | SL close above 4851 NS | ||
| Sold @ 4850NF | Proj for D | ||
| 78.60% | 4775.00 | PP Booked @ 4790NF | |
| 94.30% | 4760.00 | ||
| 113.00% | 4742.00 | ||
| 127.00% | 4729.00 | ||
| Above 4851 the Day TF would tide over the Hour TF | |||
| Trade Table | |||
| Current pattern | O-X | A | B(current) |
| Bearish Shark pattern | 5740 - 4720 | 5400 | 4639 |
| Trade initiated | |||
| Projections for C | |||
| 23.60% | 4818.00 | ||
| 38.20% | 4929.00 | Book PP | |
| 44.70% | 4979.00 |
BUY at Hrly close above 4851 NS.
1 comment:
hi satheesh
Have posted my EOD / 60 min chart in my blog.The levels which I have planned and yr levels as per EW / harmonic pattern match perfectly on both alternate scenarios.Have entered longs and looking at the global cues now, every chance we could also gap up.
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