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!!!