SPX5000

SPX5000

Euro staged an impressive rally from 1.1554 levels to 1.1861. Since the bounce was from levels closer to 0.382 fibo level of the move 1.0570-1.2090 it can easily be assumed as the start of the next impulsive leg up. Let us closely analyse the move 1.1554-1.1861.I have marked 2 boxes on the chart- blue and red. If you check the blue box you can clearly see that the...

SPX5000

Nifty is consolidating for the last two days after the explosive move which took Nifty to 10,343 from 10,095. If we analyse carefully the move between 10,261-10,358 can be interpreted in two possible ways. Scenario 1 - Under this scenario Nifty has completed waves 1-4 from the low of 10,261. Nifty should move higher without violating 10,309 which is the top of...

SPX5000

AuroPharma is in a long term bull market of which we could be in wave 5 of a larger wave 3. It is highly likely that we finished the wave 4 of 3 at 503 and resumed the uptrend. The move 503-806 looks impulsive but it is also possible that it could be wave B rather than the wave 1 but that will be my secondary count. My primary count suggests we have completed wave...

SPX5000

Nifty made a 3rd wave top at 10,343 in the morning and then corrected for the rest of the day. The move 10,343- 10,268 looks like an abc correction which could be the 4th wave of the new impulse which started from 10,095. As per my analysis the move 10,139- 10,343 is the 3rd wave and 0.382 fibo level of the move comes at 10,265 so ideally the wave 4 bottom is in...

SPX5000

Yesterday we expected the market to bottom out at around 10,125 levels but the market made a bottom at 10,095 and reversed. There are multiple reasons to believe that the correction has ended. 1) The correction got completed at nearly 50% level of the move 9,687-10,490 2) The entire fall was a 5-3-5-X-5-3-5 (corrective wave- double zigzag) rather than a...

SPX5000

Nifty Bank under performed Nifty during the Oct- Nov period,but Nifty Bank correction was much shallow compared to Nifty. Now that both have almost caught up we could see both indices move in tandem from here on. Nifty Bank could be making a bottom closer to 25,100 for further rally from tomorrow. The minimum target on the upside could be 25,800 which could extend...

SPX5000

Nifty continued the fall without able to mount any serious pullbacks and all attempts were sold into. Now let us carefully analyse the fall from 10,490 till now. We could count it as an impulsive 5 wave fall or as a double zigzag. In both situations the last leg of the fall started from 10,344. Let us analyse the last leg of the fall which started from 10,344 in...

SPX5000

S&P is currently trading in wave 4 so as long as 2566 holds we could continue the rally towards 2620+ levels. If 2566 breaks then we could get a dip towards 2544 to complete wave 4 before rallying towards 2620+ levels.

SPX5000

Nifty is still struggling to find any strength to launch forward.If we carefully analyse Nifty price action we could arrive at two possible paths which Nifty could take from here. Possibility 1) Nifty is yet to complete the first leg or wave A of the correction. If you look at the black box marked on the chart we could count the move as an ir-regular abc in...

SPX5000

Nifty is struggling to gain any momentum from the lower levels. If we examine the Nifty fall carefully , we could count the fall as either a 3-3-5-3- or 5-3-5-3- which leads to two possible outcomes : 1) Nifty has completed a 3-3-5 correction in the form of an abc correction which could be the first leg(wave A) of the fall and started the wave B from 10,267.The...

SPX5000

The correction that started from 10,490 is unfolding as discussed in my previous analysis. One important aspect we should consider is that we are trading in a 3rd wave and the corrections tend to be shallow as we have seen in numerous occasions since the move started from 7893 levels. In most cases the corrections were in the region of 23.6-38.2%. For the current...

SPX5000

Hindustan Copper has completed waves 1-3 and currently in wave 4 so accumulate anywhere between 97-89 with stop loss 73 for targets 116-140. There is a possibility that the move from 40 odd levels could be wave 1 of a new impulse or it could be wave C in an ir-regular correction. Either way minimum Hind copper has to make one more high above 110 to complete the 5...

SPX5000

Federal Bank in a 4th wave pullback so can be added to the portfolio at levels closer to 102/100 for short term targets 135-155.

SPX5000

Nifty has broken and closed below 10,400 to confirm that a short term top is in place. Let us analyse the fall to understand better on how things could pan out in the coming days to complete the correction. There could be multiple ways in which the correction could unfold but let us look at two possible outcomes. 1) In the first scenario Nifty is currently...

SPX5000

Bank Nifty like Nifty is trading within the 3rd wave of a mega bull run in the long term charts. Let us focus on the short term picture now. Ever since hitting a high of around 25,200 in August , bank nifty has not been able to make much headway unlike Nifty. Let us concentrate on the bank nifty movement marked inside the black box. There are two possible...

SPX5000

As anticipated Nifty made a high around 10,490 today but failed to sustain higher levels and subsequently closed at 10,451. The fall from 10,490 has a 5-3-5 wave structure . There are two possible scenarios under the given circumstances: 1) Nifty has made a short term top at 10,490 and is forming the first impulsive wave lower of which waves 1-3 is done . In this...

SPX5000

As per wave counts on the chart we are nearing a 5 wave completion from 9687. If you observe the chart we can see that the 61.8% projection levels of the move that started from 10,124 and 10,324 is at 10,482. If Nifty breaks below 10,400 initially and then below 10,325 level we can safely assume that Nifty has started a correction. Please note that we are trading...

SPX5000

In my last update I discussed the possibility of an ED , it was an ED alright but since it was part of the 3rd wave rather than the 5th wave there was no impact and the market continued the bull run.As per the wave counts in the chart if we project the 61.8% for waves 1-3 from 9687, 10123 and 10,325 , the projected levels comes at 10471,10487 and 10,504. As per my...