The Lead Indicator 14-RSI would help in spotting the reversal.
Important Week parameters:
| prev week | developing levels | |
| CLOSE | 5084 | |
| PIVOT | 5046 | 5000 |
| HI EMA | 5164 | 5165 |
| LOW EMA | 4917 | 4914 |
| 5 EMA | 5054 | 5011 |
| 5 SMA | 4955 | 4971 |
Important Day Parameters:
| CHECK LIST-DAY | |||
| CLOSE | 4924 | ||
| PIVOT | 4964 | 5EMA | 5037 |
| HI EMA | 5104 | 10EMA | 5041 |
| LOW EMA | 5003 | 13EMA | 5040 |
| 5 SMA | 5063 | 26EMA | 5068 |
| 20DMA | 5018 | prev HI | 5060 |
| 50 DMA | 5211 | prev LOW | 4908 |
| 50Hr MA | 5050 | ||
| 100Hr MA | 5046 |
| Trades Initiated | |||
| Current pattern | O-X | A | B |
| Bullish Shark pattern | 4978 - 5153 | 5017 | 5170 |
| Trade initiated - sept 21 | sept 23 - SL - Hr cl Abv 4955 -W5sma | ||
| Shorted Below C at 5160 | Retr of AB for C | ||
| 161.80% | 4922.45 | ||
| 200.00% | 4864.00 | Book Profits | |
| 224.00% | 4827.28 | ||
| Book Profits at 4850-70 trail SL to close above 4910 - prev close |
| Day TF retracements | 94.43% | 4925.37 |
| for 4911 -5169 | 113.00% | 4877.46 |
| 127.00% | 4841.34 | |
| 161.80% | 4751.56 |
Intraday Update: 10.45AM:
Booked profits at 4865NF.
Intraday Update 11.45:
224% retr achived in Bullish Shark pattern at 4827 in Hour TF. So a Buy is initiated at this level with SL Hour close below 4800NS.
Intraday update 3.15 p.m
The long initiated at 4835NF was Partly booked at 4920 as yesterday's closing level was reached and did not give any hourly close above it.
2 comments:
Dear Satheesh,
Have been following your pattern analysis with great interest. Have apoint to make here:
On Thursday at 1.43 p.m.at Just Nifty you wrote:
satheesh said...
@ SAM,
When all are Bearish - the Last Wave BC reaches its max target and it will be easy to fish from there!! BIG and HUGE fishes can be caught!! :)
The max target you had given was 127% of AB which worked out to 4922.
Many people at JN have either gone long or cut their shorts based on your above views.
Request you to please give point of invalidation or give all the possible targets so that people can make a proper judgement and then take a call.
Cheers
@ Manojag,
Thanks a lot for your interest. I have been giving only the immediately achievable targets till now where one could book partial profits. Also after i started posting the Trade Initiated tables i had been giving the part booking levels and Stoploss too.
In harmonic patterns based on the formation of B and C, D can be the retracement starting from a min of 38.2% to 361.8% max. it would not be advisable to give all retracements as targets at one shot-becoz it would be grossly misleading - the main reason being one cannot Predict definetley what target would be achieved.
I had mentioned in the intraday update of thursday " A Buy could be initiated in minimum Qty with SL Week 5MA at 4955. If 4955 is broken on Hourly closing basis then the Longs must be terminated.
Intraday update: 3.00 pm
The long is terminated at 4945."
Always please make a note of the SL as the invalidation point.
In case you have any doubt during trading please do askme. i shall try my best to clarify it.
I hpoe I have clarified your doubt.
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