Silver MCX elliott wave count.

 Silver MCX chart

 

We may see a downside from here as expected and posted on chart or else on breakout price could rally for 49800/50600.

Regards
Rinkesh Jain

This is for educational purpose. Consult your advisor before trading.

Gold MCX is likely to continue its uptrend...!

GOLD MCX Daily Chart

On friday we saw a good movement  in gold and it closed upside at 30726.
This rally is likely to continue as various indicators are indicating the same.
1) Price took support at the trendine  which is drawn from the previous high.
2) The candle formed on friday have engulfed previous 6 days move... and it signifies breakout of the range bound movement.
3) RSI indicators took support of the trendline as well and is above 50 indicating bullish.
4) MACD have crossed upside.
5) Price has also closed above 23.6% retraced level (30660).

Gold is likely to continue its upside movement for next week.
However a correction may be expected till  30350-30450 range.
It would be advised to trade with buy on dips..

Closing below 29700 will negate my view.


Regards
Rinkesh Jain

Will gold(Comex) halt its downtrend at $1305?

Gold Comex Hourly chart

In hourly chart of gold comex price formed an triangular pattern and it broke down as well confirming the continuation of the down trend.
The triangular pattern target was $16 which was achieved at $1305 (1322-16) level.
The rally after triangular pattern breakout or breakdown is know to be the last leg of the whole rally.... and it seems like in gold comex as well bottomed out and we may an upside from $1305.
Now as long at $1305 hold upside in gold can be seen till $1335-$1350 .

This is just for educational purpose. Please consult your adviser before trading.

Regards
Rinkesh Jain

Gold may extend its rally!!!

Hello Friends,

In my last post on gold i posted the elliott wave count indicating that the rally will end near $1420.
But after the end of wave 4 at 1354.5 the wave 5 should not have breached $1423. Now since the rally of expected wave 5 have ended at $1434 which above $1423, the count get invalidate.

Invalidation of Wave C into expected 5 waves indicates that the wave C haven't ended here.
So we may see further upside in gold with the expected waves shown in image below.

Assuming wave C will extend further rally in gold may continue.
Invalidation of the count will be below 1384.1 and conformation will be above $1344.

This is just for educational purpose please consult your advisor before trading.

Regards
Rinkesh Jain

Gold (Comex) Elliott Wave count.

Hello friends,

This is Gold (Comex) hourly chart.
Currently we are in wave iv of wave C.
I think wave iv will form a triangle pattern and wave v will continue.
Wave i moved almost 70$ and wave iii moved 69$.
Since wave iii is shorter then wave i, wave v will be shorter then wave iii.
So the target for wave v will be less then 69 points from end of wave iv.
If wave iv forms a triangle, then if also confirms that this wave v will be a last leg from here and we may see a downside from that last leg.
Assuming wave d of wave iv goes up till 1375 and then wave e of wave 4 comes down till 1758 then wave v will end around $1420.

This is just for educational purpose please consult your advisor before trading.

Regards
Rinkesh Jain

Relinace Industries!!! what if breakout happens???

Reliance Industries

Reliance Industries is now trading at 821.90 and is trading near resistance level of 833.00.
Price has also formed a triangle pattern and breakout may bring upside rally.

Taking a closer look we can see that once there was a false breakout and price have formed a Head and Shoulder pattern. 
So one should be cautions while investing.
One should buy above 837 and should keep eye on the level of 860-900-956.
Further upside can be seen above 956.
Stoploss of 76o should be strictly followed as it will be considered breakout of neckline of head and shoulder pattern and we can see further downside in the stock price.

This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain

Where is Nifty Heading????

Nifty Daily chart

 

NIfty after forming an head and shoulder pattern in May 2013, broke the neckline and moved towards 5700 level (target as per head and shoulder 6230-5970=260 points)
But nifty failed to take support at 5700 after making an island pattern on 13 June.
Now market may take support at 5570-5600 and Uptrend confirmation will be given only above 5670.

If the uptrend continues we can see the level of 5890-5975.
Failing to sustain we can see level of 5520-5480

 This is for educational purpose please consult your advisor before investing.

Regards
Rinkesh Jain

View on nifty for the first week April!!!

Nifty

Nifty seems like changing the trend...!
Support at 200 MA
Divergence in RSI.
Volume last thursday was high as compared to week...
looking at this few positive point Upside in nifty can be seen.

Further confirmation can be seen if MACD cross upside as well.

Other thing to be noticed in the chart is the current low of the week can be considered Wave b and and Wave c is on it way.

Support at 5611 and resistance at 5790-5910-5950-6110

Regards
Rinkesh Jain

This is my personal view... plz consult your advisor before Trading/Investing.

View on Nifty and few stocks!!

Nifty

Nifty closed positive as expected in my last week post  : View on Nifty
Nifty have closed above at the level of 5945 which was 61.8% retracement.
If market sustains above 5945 level then next tgt for nifty would be 6010-20 levels.
There was a lack of volume this week in market so sustenance of this rally is questionable.
Expecting side was movement this week.



Wipro

Wipro have reached at the resistance level of upper trendline.
Reversal can be expected from this upper level and downside can be seen in stock this week.
CMP : 445 Tgt 439-428-420.

Ambuja Cement

Looking negative with aascending trenldine broken.



NTPC

Looks Positive.
Taking support  at 78.6% retracement level.

View on Nifty!!!!

Nifty chart

Nifty have came down at 5668 ie 78.6 retracement level from Nov 2012 rally.
RSI and stochastic are in oversold which indicate change in trend.
MACD have crossed downside but if nifty sustain current level then signal line can crossover
If nifty fails to sustain 5668 then level of 5550 can be seen in coming days.
Excepting a positive start on monday morning and upside closing for the week..!


Regards
Rinkesh Jain


 

Nifty under pressure!!!

Nifty

Nifty hourly chart  have formed a expanded triangle formation, support of descending trendline and horzontal line at current level of 5912-20.
RSI and MACD are sideways.
Resistance can be seen at 5970-80 level from here.

If u look at daily chart u can see a formation of  Head-shoulder pattern.
As hourly chart is showing some upside and when we relate that to daily chart we can see resistance at 5970 the upper level of left shoulder.
MACD is downside with signal line crossing upside.
RSI indicating downside.
Volume have been decreasing after the high if 6112 which indicate less momentum for downside at current level.


Regards
Rinkesh Jain

Geometric and Powergrid !!

Geometric

This is the first stock i would like to trade this week.
- Inverted Hammer formation.
-MACD and RSI are on the verge of crossing upside.
-This stock can go up to 113-115 this week.
-Closing above on 105.50 on daily closing basis will be a motivator.
-Stoploss can be around 100!!


PowerGrid

This stock closed below 200 MA last week and bounced back with a good volume.
MACD and RSI is in oversold and there can be some upside in this week.
This stock should be trade with strict stoploss if 104.00.
Can go up to 117.

Disclaimer : Consult your advisor before trading!

Regards
Rinkesh Jain

View on nifty and few stocks!!!

Nifty Chart

 

Nifty is now trading at 5941.80, it is crucial support level for medium term.

It is very dicey situation as it is  on a verge of support level and breaking of this level can create a panic in intraday session.

If nifty closes below 5940 then next support level is 5890.

Unitech Chart

Price have made a triangle formation.
RSI and MACD on a verge of crossing upside.
Rally of 4-5 rs can be seen in this stock if price broke upside.

Sterlite Chart

I will give a wait and watch view in sterlite.
Its trading at 104 where support of 200 SMA and fibonacci level can seen.
If price if this stock sustain this level with good volume then upside can be seen.
MACD seems like in a mood to crossover upside.
Hindalco Chart

I gave buy view on hindalco when it was trading at 117 and buy view is still open with a stoploss of 109.
Crossover in MACD and RSI shows a sign of positive rally in the stock.

Regards
Rinkesh Jain

Hindalco looks positive!!!

Hindalco Chart!!

Price is moving in a channel and support at ascending trendline.
Today price closed positive and formed a engulfing pattern with good volume thus giving positive indication
RSI and MACD is crossing upside.
Enter at current market price stoploss 109, Tgt 122-130-137.

Regards
Rinkesh Jain

Nifty can see little upside!!!

Nifty Chart

Nifty on 29th jan made a high which was above the 22nd jan high which stated that there is still
possibility of upside.
Then after getting view from other technical analyst i got to knew that move from 11 jan to 22 jan was just a
Wave a from overall ending diagonal.
Then remaining count is in the chart.
Even though ROC and MACD is making lower high yet market is moving high.
Following Elliott Wave is difficult task but once u understand it give a better result than any other tools or theory.


Regards
Rinkesh Jain

Geometric trading at support levels...!

Stock is trading at 102 level and the positive move can be seen from this levels.
RSI is moving with  price an is indicating a upside potential in this stock with minimum stoploss.
Entry at current level and stoploss of  98-99 on closing basis.
Resistance 111-116


Regards
Rinkesh Jain

Gold Hourly Chart!!!

Gold Hourly Chart!!

Gold have completed a channel and have seen support at the descending trendline.
RSI and MACD have turned upside. Which overall give positive indication for gold.
Resistance level are 30450 - 30625.


Regards
Rinkesh Jain

Nifty Hourly chart.

Nifty Hourly Chart

Nifty have retrace 76.8% of 'a'.
Divergence is seen in RSI and  MACD from 1st week of jan.
We can see downside from this level.
Closing above 6082 will change some trend else downside is confirm.


Regards
Rinkesh Jain.

Amtek Auto looks positive!!!

AMTEK AUTO

chart shows a completion of falling wedge in amtek auto.
As per the elliott wave wave 3 will start.
One can enter at CMP of 76

 If u look with Fibonacci ratios price have retraced 78.6% with 3 waves and today it made a good upside movement.

 RSI and MACD indicators are showing divergence as these are making higher high and price had made lower low.
Stop-loss of 68 will be recommended.


Regards
Rinkesh Jain

Nifty have ended the upside.

Nifty hourly chart.

Nifty which was moving in a sub wave 5 have formed a ending diagonal.
This indicate a end of wave 5 overall.
MACD and RSI shows divergence.
Tgt for medium term 5940.

Regards
Rinkesh Jain

Gold and Silver under pressure.

Gold Chart

Gold is under pressure as seen form the chart.
MACD and RSI can move down from the descending resistance line.
Volume is decreasing which indicate no strong upside support is there.
Resistance at 30725-750.
Support at 30350-300.


Silver Chart.

Silver chart is indicating the same situation as gold.
Resistance at 60100
Support at 58900-59000


Regards
Rinkesh Jain

ACC back to positive!!

ACC today closed above the line which was support line yesterday with good volume.
Yesterday was well the price closed at the opening level after making a good low.
One can go long with a stoploss of 1365 on closing basis!!!

 

Regards

Rinkesh Jain

Nifty may have topped.

Nifty  made a high of 6068 on 15 jan.
Wave I is equal to Wave V (approx)
So this was the end of sub wave 5 of the Wave 5.
Now today closing below 6040 have changed the sentiment to bearish.
Medium term support at 5940.

Daily chart shows a divergence for past 3 months.
RSI and Nifty price level have touch the resistance level yesterday and turned down.
so this as well indicate end of upside.

 

Regards

Rinkesh Jain

NIfty is up again!!!!

NIfty was 72 points up yesterday and today as well opened positive and touched 6040.
What next???
Below is the elliott wave count of hourly nifty.


This post is continuation of  the previous 2 post.

NIfty look positive

Nifty support at 5940!!!

Now the last and final Sub wave 5 is on it way.
Resistance at 6040 as wave 3 high if 6040.
next tgt is 6100-112!!!
Support again will be 5940. (There can be possibility that this sub wave 5 can be extended wave as well.)

Regards
Rinkesh Jain

This is for educational purpose consult  your adviser before investing.

Crucial Support at 5940 for NIFTY..

Nifty was in sideways movement this week.
With closing at 5950 on  friday shows a support on weekly as well as daily basis.
If nifty closes below 5950 then it is indicated that the top of sub wave 5 was 6042.
As it was posted in previous post.

http://rmarketlearner.blogspot.in/2013/01/nifty-elliott-wave.html

Hourly chart still show some support as MACD and RSI are in oversold area.
If nifty sustain the level of 5950 then one can see more upside.
Resistance at descending trendline.

Regards
Rinkesh Jain

Nifty elliott wave!!!!

Nifty closed at 5971 after making a low of 5958.
Below is chart link of my earlier post of nifty and as Sub - wave 1 of Wave 5 start from 18 dec.

Nifty elliott wave count!!

Now what next???

Nifty can touch the level of 5940-50 and then again upside can be seen in next two day from form here.
 Possible target 6040-6070-6100 !!

Nifty elliott wave count!!

Nifty which was expected to go down has gone up and heading towards Nov-2010 high.
The chart above is giving us clear view of upside potential at current level.
The Elliott wave count is giving us indication that wave  5 have started and the level to which it can go can be calculated at well.
Wave 1 was around 580 points.
Now if we assume that wave 5 will be equal to wave 1 then next tgt will be 6400.
What if nifty reversed from between and what can be that levels??

Fibonacci	Points	Levels
23.60%	137	5959
38.20%	222	6044
50.00%	290	6112
61.80%	358	6180
78.60%	456	6278
100%	580	6402

Keep an eye on this levels and any "one day reversal key" can be seen at this levels.


This is my personal views, consult your advisor before investing!!!