| NIFTY | ||||
| TIME | TARGET | TREND | REVERSAL | TIME |
| Medium term trend | 5565 | Down | 6010 | 2-3 Weeks |
MEDIUM TERM
A
multi-month triangular pattern complete the market is set for some big
moves. But that has been the case for the last couple of months as well.
The high VIX readings point to continued volatility. The 61.8% mark at
5520 should soon be tested by wave iii down. 3-5 weeks of market
weakness might lie ahead thanks to the seasonal October blues. The
40wema at 5774 was protected last week by buyers so lets see if they can
keep up their enthusiasm. The Nifty left behind a gap above 5688 when
it was going up in September, it will be interesting to watch that gap
get filled. We are in the third month since monthly momentum indicators
rolled over to the sell side. The number of inter market divergences
around the world makes up for some fine writing. The lower Bollinger
band on the weekly chart is at 5439. The bands have remained in a narrow
range for an extended period of time despite the recent volatility as
prices were unable to hold beyond the outer range for long. But prices
seem to keep trying to push their luck on each side with increasing
ferocity.
No comments:
Post a Comment