Hi Friends,
Finally SENSEX has broken out of the year long Channel. Now I would like to revise my Bearish stance on Market and look for Bullish alternatives if any..
Well but as this rally is overstretched I would not jump into buy now. The RSI on most of Indices & Stocks showing negative divergence. So there has to be some sort of correction.
Well this doesn't mean one should take a shot call. All the early shorts(Bears) got fried on every Friday since last month. I always wait for confirmation. Though I have initiated short at 5285 would book loss and move with the Market.
At 5060 I called for early short and got stop out at 5130. And now at 5285 again called for short & will get stop out tomorrow with gap up opening expected.
But after gaining 500-600 points on each swing in NIFTY since last 6 months a 150-200 points loss is a healthy correction. :)
Its a give and take Business. I gave these 200 points to Market & Gained a Valuable Lesson. That an Early Trade without Confirmation would only lead to losses.
So till the time NIFTY doesn't break below the Upward Rising Channel I would not Initiate any short position.
Well since the year long Channel has been now broken upwards I may look for Bullish alternatives. But I'm in no hurry to buy..
As I'm an Elliot follower would simply look at the structure of the fall (i.e. whether a Corrective or an Impulsive) and decide whether to buy on dips.
Till then Stay with the Trend and be Disciplined..
Happy Minting..
Finally SENSEX has broken out of the year long Channel. Now I would like to revise my Bearish stance on Market and look for Bullish alternatives if any..
Well but as this rally is overstretched I would not jump into buy now. The RSI on most of Indices & Stocks showing negative divergence. So there has to be some sort of correction.
Well this doesn't mean one should take a shot call. All the early shorts(Bears) got fried on every Friday since last month. I always wait for confirmation. Though I have initiated short at 5285 would book loss and move with the Market.
At 5060 I called for early short and got stop out at 5130. And now at 5285 again called for short & will get stop out tomorrow with gap up opening expected.
But after gaining 500-600 points on each swing in NIFTY since last 6 months a 150-200 points loss is a healthy correction. :)
Its a give and take Business. I gave these 200 points to Market & Gained a Valuable Lesson. That an Early Trade without Confirmation would only lead to losses.
So till the time NIFTY doesn't break below the Upward Rising Channel I would not Initiate any short position.
Well since the year long Channel has been now broken upwards I may look for Bullish alternatives. But I'm in no hurry to buy..
As I'm an Elliot follower would simply look at the structure of the fall (i.e. whether a Corrective or an Impulsive) and decide whether to buy on dips.
Till then Stay with the Trend and be Disciplined..
Happy Minting..
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