PS: I changed my profile picture to a 'confused bull' LOL :D
Maybe now the market can go down in earnest!
EDIT: 10:05AM: Looks like my comments have been taken in wrong sense. It was part in joke. See my confused bull comments and picture were just to put forward a humorous view on my mentality right now. I am bullish dont get me wrong. But I am still cautious till Nov 1st week end. After that I think we wont see a lower low so buying is the way to go. So Today I had lot of NF longs from Friday.I covered some today...and still holding the rest FWIW for higher prices..But if I think it wont go higher from here, I will be quick to cover..will post updates.
Best,
Lee
6 comments:
:-) you will be confirmed bear shortly too
I can see why you are confused. Me too. Although we should be doing a Wave 5 from here to 5180/5230 range.
Wondering how Europe will have an effect. I feel US is beginning to rollover unless they announce a mega QE in Europe that covers everybody. ( Italy, Spain ). So Wednesday is key. Also tomorrow options expiry.
Dear Lee,
Notes in the chart is difficult to read (letter size is very small). However could read "cautiously bullish", and under stand the change to confused bull. BTW who is writing that notes, you ?
With regards
Bala~
hahha.. confused bull.. as you said " building markets always happens with so many concerns and by the time market has already built it momentum up, the small time investors come in.. and buy when biggies sell.. the game never ends. Soon you will start seeing all BULL comments on TV.Talking about nifty hitting 6300 again and sorts.. and then market will break down. Europe is no news now. Its there in the system and everyone knows about it. So a flash crash is not coming anymore.
Lets see how RBI handles the situation, if they surprise either by not raising rates or raising rates upto 50 BPS then we will see a clear direction.
IMHO.
P.S: i dont trade as per news, now i am a pakka chellla of Jm Hurst.
The higher timeframes If I correctly nterpret that chart., are leaning towards , November 14-21 low...shouldnt you give more importance to that than the november 7 .slot.
Jigs maybe, but probably not till March next year. Small time bear sure..but not confirmed bear..I dont think so.
GD, news events are killing us right now..And the cycles..I havent seen anything like it for the past several years analysis I have done.
Nandi, I will avoid this in future. I thought it is legible but looks like not for all. I only write that up..no one else :)
Sachin, glad to convert 1 person to a 'Hurstie'.
Jonak, I would suggest you to view and study the charts again and also read my earlier posts again. See its a nest of lows - so when the 5 week comes, the 10 week, 20, 40 and 80 week lows should also come in. So it cannot come in later - the higher level lows. The reason why the chart is showing like that is just a possibility - meaning that if the 80 week comes in later in Nov, then so will the 5, 10, 20 etc. And this is unlikely. So that is why I try to work my way upward. So if the 5 week is expected in Nov 1st week - then so will the 10, 20, 40 and 80. Let me know if you still have doubts.
Best,
Lee
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