nifty chart trendlines...

support on trendline for tomorrow 18th dec 2008 seems 2950, nifty is a shorting opportunity if closes below this lvl.

if breaks and closes below first trendline may move toward the second trendline.

bullish upmove can continue if the first trendline is held closing basis.

nifty and other trading lvls...

nifty lvls 2648/2784/2867/2958/2990/3034/3067/3105/3240.

sensex lvls 8650/9320/9458/9857/9942/9983/10102/10325.

reliance lvls 1125/1188/1209/1222/1251/1290/1322/1362/1392/1454.

all in spot prices.

update on my ew analysis(wave 4 scenario)...

in the last post on my ew analysis i had said, "on our ew counts, for the terminal impulse C of C-4, 3 waves seems completed and today and a couple of days were expected to be down days((4) of C of C-4) upto eod trendline, followed by an upmove."

And it happened exactly, nifty fell from start and bounced off at 2812 from the eod trendline as mentioned, thereby marking the completion of 3rd and 4th waves of my terminal impluse C of C-4 wave scenario.

the 5th up of C of C-4 started from 2812 with a tgt marked by ellipse possibly on the upward sloping green trendline above 2950 as shown on the chart above.

even if it exceeds 3000 by 50 odd points it will still be a great positional shorting opportunity. so bears will get a big chance to short the nifty(and many stocks like l&t and icicibank etc) positionally at those lvls in a couple of days. safe traders can wait till break on closing basis of lower green eod trendline shown above.

first tgt will be 260 points from brk of lower green tline, second tgt could be 2570-2500. further tgts like 2000-2200 etc can be worked out on the downside but not to forget that currently nifty is in uptrend, let it first show this bearishness then short, caution on longs is advised going forward next couple of sessions.