nifty channels(continued)...

after the bullish reversal mentioned before, nifty rallied up on expected lines and did well to close above 38.2% ret lvl, but got resisted on our earlier drawn middle sloping down channel trendline, its looking good for short term but profit booking might come, any movement above that trendline is possible upto 2800 or the fibo ret lvls shown in above nifty spot chart.

candlesticks did work...

refer 7th march 2009 post candlesticks on nifty futures chart

the bullish piercing line reversal did occur perfectly for a short term upmove that was expected from low of nf 2525 lvl as given earlier.

nifty and sensex channels study and comparisons...

nifty channels chart:


while the trend is strongly down, a few green closings can change short term to up till 2700 etc, whereas continuation of downtrend can lead it to channel lower tline support of which is near or below 2500 as seen from the above chart.

sensex channels chart:



nifty and sensex comparisons:

there is some disconnect in sensex and nifty charts.

watch points q and w.

point q is lower on sensex and w has broken lows of nov 2008 on closing basis.

sensex eod chart.


point q is higher(top) on nifty and point w is still above lows of nov 2008.

nifty eod chart.

since trend is down on both and can continue further with some pullbacks from near oversold lvls, for now i guess we should watch holding of near to a lvl of 2500 or channel lower trendline on nifty on closing basis.

the composition and more trading on nifty stocks is causing it, one more thing to point out here, it is slightly complicating ewa, between q and w we seem to have 5 small waves on sensex and only 3 in nifty. sensex chart helps in gaps analysis and traditionally forms basis for counting of long term(supercycle) waves hope it will not change charts much on macro lvl.

reliance and nifty ew charts...

nifty monthly ew chart:


reliance ew charts with detailed wave labelling: