Saturday, June 15, 2013
Nifty EOD 14/06/2013
Red line is POFT (following Wave Rider) in this Hourly chart & green line connecting 6133-5972 (most recent POFT) ; Friday's bounce back touch this line after recovery of 39% of previous falls (273). POFT line
Chart in 5 Hrs
After two spinning tops ,below the POFT red line, Friday ended with morning star and bullish abondoned baby pattern . With RBI policy due, Monday is going to have a crucial day for Nifty.
Thursday, June 13, 2013
BEBO: Understanding MACD Oscillators
The move from 5477.xx - 6229.xx - 5683.xx double teamed by BEBO Scope and Wave O Scope......using Hourly chart.
Orange Line represent divergence by Bebo on the move up from 5477 - 6229...........a clear negative divergence implying END of WAVE
Duration of the move - 27 full sessions.........appropriate is Hourly
The retracement......from 6229..........Is it a retracement?
If so..........we should not violate 5477 and must post a new high!
Is it possible?
We have Negative Divg on Daily chart between prior peak 5630 and most recent peak 6229...............and we have similar divg on hourly chart...........described above.
I do not thing we will visit the 6229 zone..........NOT unless we see a POSITIVE DIVERGENCE on the HOURLY Chart..................and
Currently there is no scope ..............for it to occur.............We will have to rise a bit................and then dip to post new lows.................so shortz are favorable for positional tradez........using front month options (july)
Now to examine the move from 6229.xx which occured with NEG D on big and also bigger degree.....................
Waves for this move down in purple.............and its (c) has done 153% at current low of 5683.xx and has room to go up to 5658
Now the dilemma...........is it (a) (b) (c) = a [simple zz] or is it (a) (b) (c) = w [double zz]
Tough call................coz.......
Helping us here is big hearted BEBO............;)
If it were simple ZZ.............then we shudda had a POSITIVE Divg between point (c) and point (a)..........it is conspicuously absent.
BEBO confirms a lower low...........and hence 5683* is wave green w.
What follows the w in a DZZ............wave x
Commonly known to retrace between 23.6 and 38.2% of wave w..............which did 546* points.
546 x .236 from 5683* is at 5812 and the .382 is at 5892....................
Where will the turn occur?..................I don't know......
However, when the turn occurs..............We should be able to see it.
Now to seek concurrence from Mr. POFT
Our move began 5477.xx and the first higher low after that is 5500............connect these two and extend all the way to the price axis............shown by rising green line.........note..........tha
Each succesive higher low that followed did not touch this line...............so after the NEG D at 6229..............the min target was this green line...............and the maximum..........I DONT KNOW......now.............and I will NEVER EVER KNOW.............
But when the turn occurs............that is when I stand a reasonable chance of figuring it out.......
How far can the x wave go?
Based on fibo.........we already know it is between .236 and .382.........and based on POFTING?????
Draw two more POFT lines.............
6229 - 6133............shown in blue currently around 6000 and declining at the rate of approx 10 point per day.
6133-5972.....most recent POFT.........shown in grey...dclining much more rapidly than the blue............almost 23 point each day.......and currently at about 5800.
Expecting x to do one or all of the following:
Kiss the grey and reverse to post the y
If it kisses the grey and surives for 5 hourly sessions.....it will kiss the underside of the rising green............now at 5900 and rising approx 8 per day.
Turn around zone shaded in yellow.
Once prices breakout over the shorter YELLOW POFT.....................Time to close ALL short positions.....................
and once it surives for 5 sessions................over this............LONG CE
Have a good evening and Jai Chiranjeeva
Orange Line represent divergence by Bebo on the move up from 5477 - 6229...........a clear negative divergence implying END of WAVE
Duration of the move - 27 full sessions.........appropriate is Hourly
The retracement......from 6229..........Is it a retracement?
If so..........we should not violate 5477 and must post a new high!
Is it possible?
We have Negative Divg on Daily chart between prior peak 5630 and most recent peak 6229...............and we have similar divg on hourly chart...........described above.
I do not thing we will visit the 6229 zone..........NOT unless we see a POSITIVE DIVERGENCE on the HOURLY Chart..................and
Currently there is no scope ..............for it to occur.............We will have to rise a bit................and then dip to post new lows.................so shortz are favorable for positional tradez........using front month options (july)
Now to examine the move from 6229.xx which occured with NEG D on big and also bigger degree.....................
Waves for this move down in purple.............and its (c) has done 153% at current low of 5683.xx and has room to go up to 5658
Now the dilemma...........is it (a) (b) (c) = a [simple zz] or is it (a) (b) (c) = w [double zz]
Tough call................coz.......
Helping us here is big hearted BEBO............;)
If it were simple ZZ.............then we shudda had a POSITIVE Divg between point (c) and point (a)..........it is conspicuously absent.
BEBO confirms a lower low...........and hence 5683* is wave green w.
What follows the w in a DZZ............wave x
Commonly known to retrace between 23.6 and 38.2% of wave w..............which did 546* points.
546 x .236 from 5683* is at 5812 and the .382 is at 5892....................
Where will the turn occur?..................I don't know......
However, when the turn occurs..............We should be able to see it.
Now to seek concurrence from Mr. POFT
Our move began 5477.xx and the first higher low after that is 5500............connect these two and extend all the way to the price axis............shown by rising green line.........note..........tha
Each succesive higher low that followed did not touch this line...............so after the NEG D at 6229..............the min target was this green line...............and the maximum..........I DONT KNOW......now.............and I will NEVER EVER KNOW.............
But when the turn occurs............that is when I stand a reasonable chance of figuring it out.......
How far can the x wave go?
Based on fibo.........we already know it is between .236 and .382.........and based on POFTING?????
Draw two more POFT lines.............
6229 - 6133............shown in blue currently around 6000 and declining at the rate of approx 10 point per day.
6133-5972.....most recent POFT.........shown in grey...dclining much more rapidly than the blue............almost 23 point each day.......and currently at about 5800.
Expecting x to do one or all of the following:
Kiss the grey and reverse to post the y
If it kisses the grey and surives for 5 hourly sessions.....it will kiss the underside of the rising green............now at 5900 and rising approx 8 per day.
Turn around zone shaded in yellow.
Once prices breakout over the shorter YELLOW POFT.....................Time to close ALL short positions.....................
and once it surives for 5 sessions................over this............LONG CE
Have a good evening and Jai Chiranjeeva
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