Since then DXY has closed (much) above 76.50, hence, guess it should trigger the downward trend…….and as it appears, the nifty trend reversal should be in place now…..

Think I can say on everyone’s behalf……………..desperate to have your views on Nifty, with the currencies having gone your way (more than almost)……

🙂

Yes Rut,
Gold is in trouble, its looking like a double top(small fake move to new high). Although, the confirmation comes only at 1703

Jubiliant looks tired might be in peaking process.
Best regards,
Jai

Based on ur comments on the dollar. Gold should be in trouble ?

Also, any thoughts on Jubiliant Foodworks please

Regards

Hi Zubair,

Still evaluating, will let you know soon.

Cheers,
Jai

Hi Vivek,

Thanks for the comments.

Boy! You like to stand in front of a freight train, don’t you? 🙂 Ok here is the +ve side of it. The momentum has been screaming for the last few days that it is about to exhaust. The bad news is that the stock is in a very strong uptrend. The stock is still clocking higher top and higher bottom on important time frames. While a drop may be impending, it may be tough to say if its going to be a reversal in trend. So, while the chances of a breakeven trade or a small profit is possible depending on where you sold, please understand you are taking a big risk. Just to be crytal clear – I’m not asking you to do anything, I have plainly assessed the environment of your trade.

All the best,
Jai

I have been following your posts on CNBC for a while and I am totally impressed. Would have loved to as another poster said – tie you to a chair in my home 🙂

I am stuck in a position and need some guidance. Any views on VIPINDS (I am short when it is moving up). Of course, I have no rhyme or reason to my trading principles (mostly a swing trader).

TIA,
Vivek

I did the homework 🙂 as per your comments i.e. “Why are you starting Big wave 1 at 6180? Why not at 6338 November highs? Also try to remember, Wave 3 tends to extend. So with these in mind – try the count again. It will be a good exercise and interesting EW exercise”

Finally spotted (hope I did :)) what u were trying to say – Following are the takes
a) If my earlier count for smaller Wave 3 was correct (which i doubt now), shouldn’t touch/close 5180
b) If my earlier count was erroneous (which is most likely), even the smaller wave 3 is not complete and the continuing trend is further smallerrrr wave 4 abc correction inside smaller Wave 3, which can go upto 5330 i.e. 5113-4720+4942 approx. 5335…Hope that is where ur number on cnbc came from
c) As per the EW theory, the condition is more we move towards 5177 to 5350, more bleak is the near term future for NIFTY.

Hope to get a 10/10 on my homework 🙂 Only next 2 days will tell

Thanks Again
Cheers
Rishabh

Hi Ajay,

The most important point regd the counter-trend move I made this morning is that they can end abruptly. So nothing stops them from succumbing right away. I also said I’m not shorting yet, Ill wait for a reversal day. So it is upto an individuals preference whether to play this counter-trend or sit out. But at the moment it is up.

Regd FX markets: more importantly the Dollar Index is about to set off on a big rally after 4-5 months of base building. A close above 76.5 on the DXY futures would be a very very important development. BTW, if you have heard my earlier views on DXY on media you would know that I have been expecting DXY to rally to 98-100 in the long term.

Cheers,
Jai