Saturday, October 06, 2012

Weekly Review - 08.10.2012

Dear All,

>>> NIFTY <<<< Hourly Chart


>> Click the Chart to see on full screen <<


Hourly chart EW counts suggest that the Last 5 waves with Extension has been finished. On Friday Price broken the so far upmove channel and now if the Interim channel in yellow color gets broken, then a clear sign of bearish emerges with good sell off on card.

Eod Chart

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A Bearish Engulfing Candle on Daily Chart Suggest a Strong reason to believe the Uptrend may be reversed. I suspect a heavy sell off next week.

Weekly Follow Up:-

>>> IFCI <<<

>> Click the Chart to see on full screen <<


Chart I gave last week. Below chart is Happened this week

>> Click the Chart to see on full screen <<

As expected IFCI started its down move, My first target also hit. I suggest caution for those who hold this stock as I expect more downside in coming days.

Weekly Chart >>> TATA STEEL <<<


Seems like a IHS - But continuously Resisting at 61.8% raises concern. Need a clear signal - a break out above 417 with volume may trigger in Bulls side.

But the EW count suggest caution as there can be some cool off happen before an upmove.

Lets see. Cheers!!!