nifty intraday gaps and trendlines and eod chart with trend channel/trendlines...

nifty spot intraday gaps and trendlines based trading for finding supports and resistances, something that is very useful for trading. i had posted earlier yahoo charts here and vfm forum and had asked ppl to trade according to these.

i have marked these on the chart above.



this eod chart was also posted by me many times, see how well it has performed till now.

view on market...

nifty has been showing some negative divergence for 2-3 days on various indicators and 2950 being on upper trendline could not be crossed, if any move on upperside is pending it could be upto 2980-3020 after which a good shorting opportunity(or on break of intraday trendline which will run between 2875-2925 during intraday for tomorrow) exists upto 2690/2550. reliance also seems max upside till 1380 after which may turn downwards toward 1050 etc.

today is 30th day from the day of making low of 2253 or 61.8% timewise of downmove from 4650-2253. 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.

nifty trading lvls...

nifty spot lvls:2712/2755/2785/2800/2844/2867/2900/2951/2980/3020/3100.

nifty intraday chart.

wave 4 scenario(cont'd)...

update on my ew wave 4 scenario:

earlier i had described how i had sub-divided our preferred ongoing wave C-4 into flat wave A(zig zag three segments a , b, c), B(irregular flat 3 segments a , b , c of which c was impulsive down ended 2503), and C(which is going on as a terminal impulse five segments of which 3rd segment is on).

so by my analysis since terminal impulse(note how each of its 5 segments i have further sub-divided into three waves each) C of C-4 is going on, its the upmove from 2503 with tgt anywhere 3000 or above. hence on forums i had advised not to positionally short the mkt at this point of time(shorting to be done for intraday only).

at the end of all five waves of C of C-4 (near 3000 or above), there will be tremendous opportunity to short the mkt till 2000 lvls.

invalidation for this at any time is break on closing basis of the trendline from 2503, though such terminal impulses are non-trending in nature, its only for our reference iam mentioning the trendline since its currently offering good support on downside for this short term upmove.

trading lvls for nifty 2570/2612/2655/2674/2694/2732/2794/2820/2850/2900/3000/3100/3250.