Nifty P&F (Wk 3001-0302) - Expecting a top here and a pullback to 4980!

Recap:

Weekly target 5180 reached, the channel target (refer the chart below).

Weekly Analysis:

Daily Analysis:

Summary:

Weekly UP. Daily UP. However, a channel top, 78% retracement, 4.23% price extension - suggesting an immediate top. This pullback from the top should be resisted near 4980 level.

Note: The new p_fchart_free.xls is available in the DOWNLOAD LINK section with much more flexibility of creating P&F charts (refer previsous post for details).

P&F Software Excel based - free

This is a little contribution from my side. Over the years, I have developed this point and figure software. Standard softwares in the market are costing around $25 - $150, but this excel-based software is free of cost.

Features of this software:

• Simple excel-based software; does not require any installation
• Can draw on both High-Low price method & Close price method
• Can follow a wyckoff method of plotting for 1-point reversal
• Scales can be altered, rounded off as per trader's preference
• Automatic data retrieval from http://finance.yahoo.com/
• Manual data can also be used
• Any box-reversal is possible
• Charts can be used for any time-frame data
• Change in month is identified in the chart itself
• Suggests suitable block-size for the available data-set
• And many more for you to explore ...

Acknowledgement:

• Some person in some forum had shared a base-level code. But it was quite faulty both fundamentally & technically. I don't remember that person's name. But I sincerely thank that person for having made this work possible.
• Also I thank my e-Guru, iLango, for inspiring me to do the act of sharing to the trading community.

The link to download the file can be accessed from this link here.

Nifty P&F Mid(Wk 2301-2701) - Nifty qulifies a high pole, bears ready for a pole-dance!

Pole: When a price movement continues without a correction for visibly longer than its immediate predecessors.

Nifty up on a pole:

Poles are highly profitable to trade. However, instead of entering at 50% reversal, I recommend 3-box reversal provides better risk:reward.

A true great man ... Warren Buffet!

http://www.bloomberg.com/news/2012-01-23/buffett-blames-congress-as-romney-pays-15-tax-for-shoving-around-money-.html

“He makes his money the same way I make my money,” Buffett said. “He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money.”

Few points for us from those lines above:

1. Thought process of a true capitalist
2. To call a spade a spade in all situations
3. Leading by example
4. Big money comes from big money only
5. You make it big when you move it

On market:

Stay with the trend. A new high is expected in all probablities. Follow the market. Losing a few bucks at the top & bottom does not matter much.

Nifty P&F (Wk 2301-2701) - reached VPO @ 5060, weekly shows a channel target @ 5180!

Recap:

Resistance 5060 reached now.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily up. Daily charts suggesting booking out positions. Weekly charts still showing possibility of 5180 to hit BrRL! But without an intermediate correction, surely a Bull-trap, even in some major equities.

Note: p_fchart.xls has gone through a code change with flexibility to modify the scales. If you are interested let me know I can share the same with you people.

Nifty P&F Mid(Wk 1601-2001) - HPO @ 5015 & VPO @ 5060

Staying bullish paid. Staying with basics paid.

Couple of updates:

• I have modified the code p_fchart to generate flexible scaling, if you require I can share the same
• Both weekly & daily charts are approaching resistance fast. Correction should come now. Expecting it to be shallow though. Weekly chart showing a potential catapault formation.

Nifty P&F (Wk 1601-2001) - resistance 4945-60 and a correction

Recap:

4700 was broken marginally and now it's past 4840!

Weekly Analysis:

Daily Analysis:

Summary:

Weekly UP & Daily approaching resistance. 4945-4960 should not be breached before a moderate correction.

I have been bullish based on the charts for last few weeks now. Last week showed many major sectors (banking, metals, mining) returning 10-20%. This oncoming correction can provide another opportunity for low risk entries. Look-out for BlSL & 38% fib (62% would weaken the chance given it's a bear market).

Nifty P&F (Wk 0901-1301) - if 4700 held, 4840 is on the chart

A little late but on my first post of the year - Wish everybody a very prosperous & happy new year!

Recap:

So far 4680 has been held.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly DOWN. Daily UP. 4840 - 4860 is still on provided 4720 - 4700 is held.