AS PER THIS MAIL STOP LOSS FOR SHORT POSITION WAS AT 17827.
NOW WE HAVE SEEN NEW LOW AT 16684. ON BREACH OF 16684
STOP LOSS FOR SHORT POSITIONS SHOULD BE LOWERED TO 17389.
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UPDATE AS ON 18.5.10
PREV LOW OF 16684 WAS BREACHED YESTERDAY.
SO STOP LOSS FOR SHORT POSITIONS
LOWERED TO LOWER TOP AT 17389.
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LOW OF 16551 ALSO GOOOOOONE!
STOP LOSS FOR SHORT POSITIONS REVISED FROM 17389 TO 17000 NOW.
CHEERS!
***************************************************
UPDATE AS ON 19.5.10 4.00 P.M.
WE HAVE SEEN LOW OF 16373 TODAY. WE HAVE CORRECTED BY 9% FROM TOP OF 18048.
WE ARE GETTING OVER SOLD ALSO.
MINOR +VE DIVERGENCE IS ALSO SEEN IN DAILY CHARTS.
IT WILL BE ADVISABLE TO BOOK PROFITS IN SHORT POSITIONS GRADUALLY FROM HERE ONWARDS.
************************************************************
UPDATE AS ON 21.5.10 9.30 A.M.
CHEERS!
MARKET TESTED 16200 TODAY. TODAY WE MIGHT HAVE COMPLETED 3.5 OR 5.5 OF FIRST DNWAVE. COVER 50% OF YR SHORT POSITIONS AT LEAST.
Hi,
ReplyDeleteHow are you?
If 16709 200 dma protected then short long is possible, if so what is the level?
regards
Dear Sujatha,
ReplyDelete200 dma was breached intraday yesterday and closed above the same.as u are aware i have given stop loss at 17488 for long positions from 15652 and after trigger of the same on breach of 17277 i had given short call with stop loss at 17827. and yesterday we breached prev low of 16684 so i had revised stop loss for short position to 17389.
in nut shell if we cross 17389 then we shd consider that correction started from top of 18048 may be over.till then sell on rise.looking at today's chart i feel if global mkts r +ve today we may get chance tomorrow to sell at higher level.
defensive stocks like pharma and fmcg shd be purchased in such markets.
Pankaj ji,
ReplyDeleteI hope you are doing fine.
I think we have completed 3.5 of 1. I am looking at lower levels for 5.5 of 1. Let me know your views.
Thanks & Regards
Raghavendra
Dear Raghavendraji,
ReplyDeleteits very difficult to confirm exact wave count.
so i recommended to cover at least 50% of short positions at 16200.
but my observations are;-
we have seen an imp lvl of apprx 16200 and bounced from there.but till we have not crossed trendline connecting tops made after 17389. first we have to cross same.
+ve div in rsi in dly chart is seen.but price action has to confirm.
if we breach 16200 zone trendline sup at 16k is there and after that i feel we may see 15600 as final lvl where this fall may end.till the date lower top lower bottom is seen.
even if we have completed 3.5 at 16200, probability of 5th wave failure also is always there.more over F n O expity is on 27th so we may see highly volatile days in next week.it may be better to take small qty delys in large cap stocks on every dip in next week.cement stocks have shown some strength today.
Pankaj ji, cheers for ur all targets
ReplyDeleteDear Rajeshji,
ReplyDeletethanks for kind words!
what r yr views?
pankaj ji, we can expect bounce from 200 ema which is right now @ 16369 { ofcourse 200 sma @ 16731 which has to cross for more bullishness }and it did happened on yesterday and as per macd, rsi, stoc also showing some how over sold zones , letz c what will be in next week
ReplyDeleteGood Work Pankaj ji... very well you have shown justice to your post. And i must also say.. Mr.Rajesh Saladi also warned about the bounce back ... and the same happened . Good work ...all ..Keep it going...:)
ReplyDeleteDear Chuckles,
ReplyDeletethanks !
due to death of my brother in law on 25th i cld not update . direction is as expected so far. it is more imp then to be correct in wave count.it shd be useful to all of us.