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Nifty Daily

11 Sep 2020 ‚óŹ 02:49 PM





Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.

 TIME TREND Up Level   Down Level
 Short term trend Up 11560-11632 11185 

Wave 5 up started and we spent a second day above the 20dma. Next we should test the upper band at 11632. Some people asking for size of wave 5. The thing with 5th waves is that they sometimes truncate. Start with a simple 38.2% of wave 1-3 that goes to 12500. But all we need for tht 5th to end is a 5 wave move up and once it is done we are done.

Nifty spent all day holding a higher high from 11363 to 11419 made today. A higher high higher low pattern is a trend as per Dow theory. Next we should attempt to get to 11560 and breakout above it. A break below 11363 would break this trend.

After a positive divergence the swing is at 53 going past the Sept high so that is a strong sign of the trend changing  

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 22940  22080

A second doji, a sign of inaction and no trend here. Wating to get back above the 20dma at 22940. if the support at 22080 holds one of these days bank nifty will surprise on the upside.

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