Nifty and Sensex Wave Count

Sensex and Nifty chart:

This is an entire Sensex count i feel.

I was earlier inclined to think that the rise from 2009 lows till now and the fall from 2008 was a flat ABC structure of wave IV of some degree. However, the longer term sensex chart makes me want to think that things are different. Currently, I think we are in the process of ending Wave V in India.

Based on the charts attached, I think there are two possibilities:
1. We have completed wave V of larger CYCLE / SUPERCYCLE degree (I am bad at assigning cycle degrees); that would be a truncated 5th wave from the bottom in 2009.
2. Other option is, if Friday's and the crucial lows of 5100-5200 zone hold, we might see an upside; which I believe shall be a blow-up top given decaying fundamentals, worse economic situation and backed by phony money called 'QE 3'.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

India in Self Destruct

India as a country is turning into a beautiful wasteland.

This country is marred by more corruption, than one can ever imagine. The entire system is so corrupt there is no measure to it. Me being in a particular profession; have rather a fair idea abt corruption in Income Tax, Indirect Tax and even other departments. The cops in the country are amazingly corrupt; with even the traffic cops being at the top of the order. The traffic cops will generally stop anyone and ask for some papers like trying to shoot an arrow in the dark; then you do not own a paper; u have to pay fine which they will claim to be stupendous. But, then they will settle for even INR 100 (approx. USD 2.00) for the alleged crime. And the cops in general set a bigger game.

Yesterday, the ruling government took an amazing blow by destroying the Indian Middle Class which is echoed by the INR 5.00 hike in petrol price and further planning hike in Kerosene, Diesel and LPG prices. What is stunning is that these hikes are announced right after the elections. This is absolutely phenomenonal. I mean u win / lose the election and then let the Oil companies in India viz., (BPCL, HPCL and IOC all listed companies) hike the fuel prices. Now, I do sympathize with the companies for selling fuel at a steep discount to the population of the country; however, these companies are reimbursed for their loss by OIL BONDS issued by the government for the under-recoveries.

What I fail to understand that, while the government has nearly inflated the prices of petroleum products by imposing nearly taxes and charges; it is paying the oil companies via bonds. Why do the reverse thing. Ok; this is good measure to get the government finances in right shape, as it is collecting money from the common people and giving bonds to Oil companies.

So, lets i understand that tehre are some INR 30,000 crore (INR 1 crore: 10,000,000) of under-recoveries. Well, now that is still lot less than the recently un-covered scams for e.g. the 2G Telcom license issue scam running in INR 176,000 crore; and the Common Wealth Games scam, Housing Scam etc. etc. etc. and many many many more. I mean the list is endless.

I am lost of words; whatever happens.

Nestle India

Nestle India: Refer notes on the chart:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Nifty Analysis: Oscillators and Elliott

Nifty at key supports: refer the chart
EOD Chart:

30 minute: bit longer term:

Nifty 30 min: close up of the wave structure:

India Vix: for added information:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Markets looking weak

Markets looking weak,.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Nifty Elliott Wave Update

In continuation with the previous post and the associated charts on Nifty; here is a continuation post.

Nifty is in the process of making a continuation Inverted Head and Shoulder on hourly.

here is the chart: Nifty EOD and 60 minute.

 


These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Nifty: Candlestick Pattern: DOJI

here is an analysis of the doji days on Nifty

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

US Market Ready for next flight to stratosphere

Here is nasdaq and snp 500

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

The Grains Post

Here is a look at key Grain charts globally:

1. Rice
2. Oats
3. Soybean
4. Wheat

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

The Sea of Green Everywhere

This page is rather self explanatory:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

NIfty Elliott Wave Dated 20 Apr 2011

Nifty seems to be headed for new highs; at least the wave suggests that for now.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We all students

Silver: Continuing Yesterday Inverted HnS

Silver hits a high.. Gr8 news..

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Silver: Follow Up

Silver clearly has gone places and yesterday';s post was clearly voilated.

So here we go. Inverted HnS on silver. I thinnk the trend is super strong and I am with my previous long term count on silver posted here.

Here is the inverted head and shoulder:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Silver Quick Post: Hourly Chart

Here is a quick post on Silver: Hourly Chart

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Nifty and Banknifty Elliott Wave

Hi Reader,

I have been off with my posts; and i apologize for the delays in the posts. I have being busy with the book "Technical Analysis for Trading Professional". And yes as usual I recommend that book. :P

OK; with today stellar move on the Nifty; I think Nifty is headed up from here. Moreover, Nifty has bounced from its 200 day simple moving average. The candle with high volume is pretty supportive for a rally from here.

Here is the wave count:

 Moreover, now in continuation with the my earlier post on Bank Nifty; this is a further update. On EOD Bank Nifty is still in strong upmove. 

Bank Nifty EOD:

Bank Nifty : Hourly

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Good Evening Reader.. Read these books

This weekend I have been reading a book 'Technical Analysis for Trading Professionals' by Constance Brown.

It is really really really a must read for any person who is serious on learning and understanding technical analysis.

Honestly, I am kicking myself for ordering the book so late since I am in technical analysis since long but better late than never. I would urge every one of you to BUY that BOOK and read. And I would really stress on the word BUY; donot try to search and download it. Its just not fair on the author who has taken so much work on writing a book that gets downloaded. I agree the price of the book is steep and world out to INR 2800; but u have to buy it. If u BUY it, u will have a value to it and you will read it.

So here is me again urging everyone who visits my site to read the book 'Technical Analysis for Trading Professionals' by Constance Brown.

And yes, there is no personal gain for me talking about that book. Its your call. I was on the site icharts.in where there was a nice forum for traders where everyone was enlisting their books or books they love to refer. Here are some my recommended books:

For students of technical analysis and trading these are must read:

Understanding Technical Analysis

1. Candlestick Charting Techniques  by Steve Nison
2. Technical Analysis Of The Financial Markets by John J. Murphy
3. Technical Analysis Of Stock Trends - by Edwards R.D. & Magee J. (this is must read)
4. Trading Encyclopedia of Chart Patterns by Thomas Buwolski (this is must read)
5. Bollinger On Bollinger Band - John Bollinger
6. The Illustrated Guide to Technical Analysis Signals and Phrases by Constance Brown (this book is only pictures)
7. Fibonacci Analysis by Constance Brown (tough book for me to crack; still working on it)

Free Books from Elliott Wave International:
1. Bar Patterns
2. Ultimate-Tech-Analysis-Handbook

Trading:
1. Trading for Living by Elder Alexander
2. The Complete TurtleTrader - The Legend, the Lessons, the Results by Michael Covel (lot can be skipped in this book; concentrate on their methods)
3. The Way of the Turtle by Curtis M. Faith (lot can be skipped in this book; concentrate on their methods)
3. Timing the Market by Curtis M. Arnold (refer the MACD chapter from this one)
4. Come Into My Trading Room - A Complete Guide To Trading by Elder Alexander
Footnote: Elder Alexander and Alan Farley books are must read


Premier Books:
1. Elliott Wave Principle by Frost and Prechter
2. Elliott Wave Principle (Applied to Forex Market) by Robert Balan
3. Technical Analysis for Trading Professionals


These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Metals Stock: Are they entering wave 3 now

The metal stocks seem to be headed in Wave III now.

The likes of SAIL, JSWSTEEL and STER seem to be entering into Wave III upmove.

Following are the wave counts:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Nifty: A simple picture Weekly and Daily

Nifty Daily and Weekly

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Adani Enterprises: Inverted Head and Shoulders

The weekly charts look very promising.
Here is Adani ent.

Weekly chart: Close Up: Major weekly EMA crossover, support from key high volume weekly candle, nice weekly breakout from a trianglish decline, MACD crossover.

Bit a longer term chart now:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Piramal Health: On long term support.

Here is the Piramal Health. This stock looks on a long term trendline support.

Damn this stock if takes supports here, its headed to the moon.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

MCLEODRUSSEL: Elliott Wave

McLeod Russel is all set to head to moon. The stock is making possibly a 'continuation head and shoulder'. I reckon the stock which is now trading at Rs. 260 can reach 400. In fact on a longer term, i am turning to be a major bull on the stock.

Here is the chart daily and weekly:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

CENTURY TEX: Elliott Wave Analysis

CenturyTextiles seems headed to the moon.

Here is the wave count.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Bank Nifty Weekly : Elliott Wave Analysis

In continuation with my yesterday's post, here the analysis for Bank Nifty,

The move down on the bank nifty from Nov 2010 was steep, but the waves were too inter-tangled to get an impulse down, hence I am now thinking the move down was rather an ABC-X-ABC-X-ABC (triple combination).

Here is the EOD and the Weekly chart on Bank Nifty

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

CNXITIN: Elliott Wave Analysis

The last few days move up on Nifty has reached to invalidate the older Bearish count on Nifty. Some time back, considering the strong support that Nifty has, I was open to further bullishness on Nifty going forward. This was the link and the chart. I think this is a probability and a rather strong one that we are moving in to higher trajectory.

Honestly, the one indicator I had talked about here in this post and this chart; was then suggesting that we are far too oversold and we shall be moving up. But now with the moves and the channel breakout, I am comprehending this to be true.

As I mentioned in the indicator chart, i am keeping my finger crossed. I am looking at the Index charts - CNX IT Index chart and Bank Nifty, both are suggesting we are going to move up.

Right now here is the chart for CNXITIN:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Copper: Testing the neckline

With reference to the Copper post dated  8 Mar 2011. Copper has now moved to re-test the neckline of the head and shoulder. Today it is on the verge of competing an Evening Star on the charts.

The target continues to be INR 386
Here is the updated chart:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Ranbaxy: A Relook - Elliott Wave Analysis

In continuation with previous post titled "India Pharma Focus"  and the Ranbaxy Chart. I think we are more or less headed to for wave v lower on Ranbaxy with today's 7% move down. Let us see if the trendlines hold.



Here is the latest update on the wave count.

Aurobindo Pharma: Elliott Wave Look

In continuation with previous post titled "India Pharma Focus"  and the Aurobindo Chart; I think we are more or less headed to wave 2 / B completion soon.

Here is the latest update on the wave count.

A closer look at AUROPHARMA: Today the stock has made an inside day.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

HIndustan Zinc - Elliott Wave Count

HINDUSTAN ZINC

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

ITC and Infosys : Elliott Wave Count

I have been rather bearish on INFY and ITC.

Here are the latest charts for Infy and ITC.

1. ITC

2. INFOSYS 

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

VIP INDUSTRIES: Elliott Wave Analysis

This one is headed to the moon. Target is ~Rs. 1000, current price is 654 (SL can be 550) this is a buy stock; not a derivative trade.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students