I’m posting this update on Nifty from my holiday spot in Bangkok, so this will be short. On the charts above, note those small violet squares (you may want to click on the chart for a zoom) that mark the swing highs and lows. This is how waves progress, each move moving beyond the extremes […]
In yesterday’s market action, India’s Nifty breached an important trendline in a convincing fashion. All the corrections since Nov 2009 stopped right at this trend-line (see chart below) and kept the up trend intact. The weight behind this breach was ONGC, which also happened to complete a Head and Shoulders top on its weekly chart. […]
The Nifty has been in the range of 5600 to 5400 for the sixth week and has kept everyone guessing as to which way the range would resolve. As a good trader, one needs constantly play devil’s advocate to your own views. So, here are the charts that present both the bullish and the bearish […]
The decline over the past few weeks has started to signal a top in some of the equity markets around the world. The Canadian TSX is one of those. The chart above shows a confirmed double top for the Canadian TSX composite index. By conventional measuring techniques and by Elliot wave principle this index should decline to […]