September 18, 2012

NIFTY Bullish Rounding Bottom


  • Nifty is testing the Golden ratio and price near previous high in weekly chart. Bears need a bearish candle at this level for the overbought indicators to be effective. 
  • Correction if limited to the red support line shown in second chart would still be bullish as that would give an ascending triangle pattern.
  • Last chart shows a bullish projection, a rounding bottom, The path drawn may not be the same i have just mirrored the path on the left hand side But holding above 5170 - 5200 levels this pattern is likely to play out.   
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5 comments:

  1. IlangoSeptember 18, 2012 at 8:55 AM

    Hi..SAN,

    The charateristics of rounding bottom is missing in the weekly chart.

    Rounding bottoms are quite slow to forming and they invariably show a "rounding bottom" in shape and not a "V" shape.

    ReplyDelete
  2. IlangoSeptember 18, 2012 at 8:57 AM

    Hi..SAN,

    Congratulations for securing a place in "Tony Caldaro's Blog".

    You remain objective. That makes you unique.

    Best wishes.

    ilango

    ReplyDelete
  3. SringeshSeptember 18, 2012 at 12:53 PM

    Dear San,

    Thanks for illustration. Charts give complete pictures from different angles(T/F).

    Sringesh

    ReplyDelete
  4. SanSeptember 18, 2012 at 5:53 PM

    Thanks Ilango Sir for going through the post and giving your views.

    About getting a place in Tony's blog I have to say that great Elliot wave analyst like you and him has liked my style of charting.

    ReplyDelete
  5. SanSeptember 18, 2012 at 5:53 PM

    Thanks Sringesh for the comment

    ReplyDelete

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