Intraday update 3.30 PM:
The current high of 5082 exactly meets the trendline joining from 5629, 5499, 5342 and 5279
Intradayupdate 3.00 pm:
Booked out Agressive shorts at 4990NF.
Nity reached 200 DMA and week Hema but closed below both. Upward movement would continue on a close above 5064 - 200 DMA to reach 5170-75 levels near 100 DMA.
Hourly charts 14 RSI Fmacd charts and Day 5D and 9RSI charts show -ve divergence. Curently 200 DMA likely to act as resistance. If today's close is above 5065 then next week good upsides possibilities arises. Till then it is an aggressive sell at 5050 levels with 5065 SL on EOD basis.
0-5 Harmonic pattern:
The Bullish 5-0 starts at the 0 point, representing an extended down leg to begin the pattern at
X. The initial point X acts as the low of this prior substantial decline. After a quick reactive
bounce to the A point, the structure abruptly continues the decline, only to find support slightly
past the prior low at X. This is the failed wave 3 or wave 5 – in Elliot Wave terms – that
establishes the rest of the structure. However, the important limits from the Harmonic Trading
perspective requires that this X, A extension be at least a 1.13 but not greater than a 1.618.
After that impulsive failed wave is established, the BC leg rallies to at least a 1.618 extension
of the AB length but it does not exceed 2.24. Again, this tight range of 1.618-2.24 is a
defining element of the structure. If the 1.618 limit is not reached, the structure is not a valid
5-0.
As per the above pattern more steam is left upsides. If the 200 DMA is resisted and nifty closes EOD below the Day Hema then this pattern stand invalidated as only 113% retr is achieved upto 5052.
| Developing Week levels | |
| CLOSE | |
| PIVOT | 4960 |
| HI EMA | 5064 |
| LOW EMA | 4850 |
| 5 EMA | 4980 |
| 10 EMA | 5042 |
| PrevHigh | 5060 |
| Prev Low | 4770 |
| CHECK LIST-DAY | | | |
| CLOSE | 5050 | 5 SMA | 4920 |
| PIVOT | 5039 | 5EMA | 4962 |
| HI EMA | 4984 | 10EMA | 4941 |
| LOW EMA | 4909 | 13EMA | 4941 |
| prev HI | 5060 | 26DEMA | 4978 |
| prev LOW | 5008 | 20 Hr MA | 4963 |
| 50 DMA | 5093 | 200 Hr MA | 4971 |
| 200 DMA | 5063 | | |
Trade Table:
| Trade Table | |
| Current pattern | X-A | B(current) |
| 0-5 pattern and Butterfly pattern (week) | 4804 - 5020 | 4770 |
| Trade initiated | SL Day HEMA - 4984 | |
| Bought at 4830NF on june 4 | Proj for C | |
| 113.00% | 5052.00 |
| 161.80% | 5174.00 |
| | |
| | |
| Partbooked at 5030 NF on june 6 | |
| Aggressive Trade | | Reason for trade |
| Sold at 5030NF on june 6 | SL EOD close above 5065 | 200 DMA and Week HEMA |
Partbook at 4984 & hold if Hour Close below 4984 Else book out.
