Intraday Update 1.15 PM:
The close of 12.00noon and 1.00PM are both above 5142. So initiated another intraday Long at 5160NS with SL close below 5140. Based on the movement it would be converted to positional Long if NS would close today above the weekly 5EMA of 5185.
Intraday update 11.30 AM:
5142 is the current Low. This becomes the 38.2% retr for the XA of 4728-5400 of the DAY TF and also as per EW min of wave c = wave a = 5134. So a High risk long for intraday can be initiated if the low holds in this hour's close. The Hour indicators at OS might also favour the trade - though a reversal is not yet visible in charts. wait and watch to see the close of 12.00 noon
Intraday update 11.00AM
SL triggered. for longs.
The Longs were initiated with the anticipation that if NS doesnot move beloe 5160 then it is likely to form an impulse wave according to EW theory and also as per the Harmonic pattern 127% retr was reached.
INTRADAY UPDATE 9.30 AM:
Covered the shorts at 5170 NS ie 5195 NF and initiated Longs at the same rate with SL 5158NS. Next buy would be near the range of 5099-50 as per the DAy TF table given.
ANALYSIS FOR NOV 11:
During the Last Hours of trade on Nov 9th, there was a heavy slide. 5325 was held and it has reached a low of 5210 NS closing below the Day HEMA, LEMA, day and week PIVOTs. Referring the write-up on Nov 9, the triangle was broken down and the correction is taking the form of a ZigZag. as per EW theory.
As per the above chart, the max projection made at 161.8% of BC of the Bat Pattern @ 5124 and as per the EW theory, the min of C =wave a =5134 coincides with each other. It would be a prudent point to lock profits.
With a further fall below 5125 - the Day TF will take over the Hour TF as per the Harmonic patterns as given in the chart below.
| Week levels | Developing | ||
| CLOSE | 5284 | ||
| PIVOT | 5282 | PIVOT | 5250 |
| HI EMA | 5257 | HI EMA | 5277 |
| LOW EMA | 5038 | LOW EMA | 5096 |
| 5 EMA | 5185 | 5 EMA | 5197 |
| 30wk MA | 5331 | 5 SMA | 5210 |
| PrevHigh | 5360 | HIGH | 5318 |
| Prev Low | 5202 |
| CHECK LIST-DAY | |||
| CLOSE | 5221 | ||
| PIVOT | 5250 | 10EMA | 5234 |
| HI EMA | 5302 | 13EMA | 5214 |
| LOW EMA | 5234 | 26EMA | 5150 |
| 5EMA | 5256 | prev HI | 5318 |
| 5 SMA | 5264 | prev LOW | 5212 |
| 100 DMA | 5226 | 20 DMA | 5163 |
| 50DMA | 5045 | ||
| 100 HrMA | 5203 | 200 HrMA | 5080 |
| Trade Table | |||
| Current pattern | X-A | B | C (current) |
| Bullish Bat pattern | 5011 - 5400 | 5202 | 5325 |
| Trade initiated | SL close above 5325 NS | ||
| Sold @ 5345NF | Proj for D | ||
| 88.60% | 5215.00 | PP bkd on Nov 9 | |
| 113.00% | 5184.00 | ||
| 127.00% | 5167.00 | ||
| 161.80% | 5124.00 | Book Profits | |
IF 5125 Holds then a intraday Buy can be initiated with SAR close below 5120.
| Trade Table | ||
| Current pattern | X-A | B |
| Developing Bullish Pattern in DAY TF | 4728 -5400 | |
| Trade initiated | SL Close below 5220 | |
| SOLD @ 5345 NF | Projections for B | |
| 23.60% | 5241.00 | |
| 38.20% | 5143.00 | |
| 44.70% | 5099.00 | |
| 61.80% | 4984.00 |
| IMPORTANT TA parameters for projections | ||
| 5215.00 | 13 DEMA | |
| 5184.00 | Week 5ema | |
| 5167.00 | 20 DMA | |
| 5124.00 | 34 DMA | |
| 5099.00 | 34 DEMA/200 Hr MA | |
| 4984.00 | ||
1 comment:
Kumar sir,
GM. Thanks for your appreciation. It motivates me to do my best.
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