Nifty chart 6th december

Hi friends,
                 The chart is self explanatory ,yellow suggests lower top,Its 5 down count
whereas red one is complex corrective up count which suggests a new high above yesterday.
Slowly the election fever is getting cured .

Regards
Rish

Nifty long term analysis

Hi friends,
                   Rechecking the big picture of nifty,Nifty has been sideways uppish for almost 3 months
now sideways up down move with continuous falling volumes.Meanwhile the badly battered midcaps rising back,Not an easy market to understand continuous sector rotation.IT has been sideways ,Pharma falling along with FMCG, Banking is been volatile with in between fast up downs,Out of the
heavy weights LT has been on a roll it did 700-1080in matter of 3 months.Reliance has been sideways with in triangle ,ITC has been falling a slow fall along with HUL.
Looking at nifty i am of the opinion we are forming ascending broadening wedge ,With each
leg getting broader and broader towards upside.

The above chart shows my expectation ,If you see the whole broadening pattern has developed on falling volume.We test 6400-6500 and drop back to make a upper
bottom somewhere near 5500-5600 and rise towards 6800-7000.My reading says we can have a fake breakout and then reverse back in broadening channel to test lower trend line and reverse back to make a new high .
I Track Hangseng closely and its too making the same pattern lets see the chart of hand seng

Quite similar to nifty structure,Overall we should hit upper trendline resitance by january 2014
till then buy all dips for gains ,Be watch full January onwards.

Regards
Rish

Nifty 5th december

Hi friends,
                  As i mentioned in my yesterday intraday post nifty looked to have made abcde in the correction  from 6228  till yesterday low ie 6150 ,Which i posed before market close nifty 4th dec intra ,Lets look closely how i was able to get my count adjusted accordingly  when i saw yesterday
intraday move .

So market didgive a hint about whats coming today.I have adjusted my count and this rise could be 5th up or e up and we can go to 6300 ie1=5 in due course

Regards
Rish..

Nifty intraday 4th december

Hi friends,
                   As expected nifty started corrected ,But looking at the structure its looking its making a abcde from top don't go heavy with positions.Its evenly poised for tomorrow ,Supports are not broken yet .
Don't go home with naked shorts.