Monday, August 19, 2013

WORLD MARKETS

Hi Friends,

Today I'm posting my Counts on some Major World Markets..

NIFTY
NIFTY

On Friday Indian Markets witnessed a rare event of a slide of more than 230 points on Nifty and 750 points on Sensex. Such a panic fall was last witnessed in Sept 2011 and during the Bear Market of 2008..

Well another rare event which many might have observed is the Divergence within the two major Indexes Nifty & Sensex.. While Nifty has made a lower low than 21st June, Sensex has managed to protect this low.. Such a positive divergence often is an Indication of possible trend change..

Nifty has weekly channel support near 5460 as well as the base channel support. As long as Nifty holds this support a large rebound upto 5900 or even 6000 is expected. Currently I'm keeping the counts floating as it is more imp. to identify the trade setup than a wave count..

So one needs to observe the behavior of market for next two days to take a trade.. As I have a Bullish bias I would look for 2 signs to take a long trade.. 
1. Nifty holds 5460 on closing basis on Monday.
2. Crosses 5620-60 and sustains above it..


DJIA
DJIA

DJIA seems to be in Expanding Pattern ever since it completed it's Super Cycle Degree wave 5 in 2000. As mentioned in my previous post the Rally from 2009 lows seems to be a Corrective Rally and not a Directional move or Impulse.

The Rally seems to be in Final Phase with Intermediate Degree (Y) seems to be in play.. As long as DJIA holds channel support near 15070 it is expected to move higher to 16000 before it starts moving downwards..

Only a close below this channel would invalidate any further upside. In that case I would be looking for a larger fall..


DAX
DAX

Germany DAX seems to be in huge sideways pattern since 2000.. Currently it seems to be in Cycle Degree Wave 'D'.. With Z underway inside(Y).. 

DAX still has upside potential towards 8800. Close below 8100 will be Indication of a Next leg downward in Cycle Degree E Wave which could take the Index towards 5000.


FTSE 100
FTSE 100

FTSE 100 seems to be in huge sideways pattern since 2000.. Currently it seems to be in Cycle Degree Wave 'D'.. With Intermediate Degree (Y) seems to be in play.

FTSE 100 still has upside potential towards 6900. Close below 6100 will be Indication of a Next leg downward in Cycle Degree E Wave which could take the Index towards 4000.


Thanks & Regards,

Harsh Dixit.

3 comments:

Ananyavrat said...

nifty levels did not hold....
is your call still valid?

prashant bhatia said...

Your support lvl gone. Whats the new wave structure like. Old explain. Moreover your take on usd-one equation.

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