Well folks...Whoever shorted on my call and charts have made a fortune now as have I...Today might be a good day to take profits...atleast some profits...but be ready to short at higher levels again because we are still far from the bottom...Today lets see if 3950 holds..If not, we go down to 3800 area which should hold...Below this next strong support area is 3600-3550 area. But we will not go down in a straight line...
Now pls note above is for nimble players...If you dont want to trade in and out...Then just hold shorts with trailing stops...Based on your risk appetites...This is what I will be doing...Holding shorts until I see more reasons for a bottom...
Best.
PS: There was a query in earlier comments on how to learn EWT - Well its a tough question as there is no easy way. EWT is a very tough form of analysis because it all depends on a persons perspective...Again we need to use indicators to confirm wave analysis. EWT is best learnt thru sites like this and the rest is ONLY thru experience. Try other forms on analysis first and observe how waves unfold before using them solely...And ofcourse follow this site and Vivek Patils EWT analysis on ICICIDirect.
Some books on EWT can be found here - http://www.esnips.com/_t_/elliot+wave?q=elliot+wave
I honestly dont have an opinion on which one is good since I have never fully read an EWT book that is easy to understand.
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2 comments:
Good to see you are back from Ikes trouble
best regards
ranga
Hi,
After updating 17/09 data, we can see red stochastic is touching or trying to croosover blue stochastic is this a buy signal ? but long term trend is down current price is below 200 MA. Can we expect a small bouce back of 100 or 200 points ? I'm new in this field of TA of stocks so forgive me for wrong use of technical terms if any. pls reply this in your next post.
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