Nifty P&F (Wk 2503-2903) - still 5715-5740 should offer resistance

Recap:

Sell-off from 5700 on Monday was seen.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly paused, daily reversed. However, no sign of reversal yet. 5715-5740 level will still should be a decisive resistance. If broken look for the BrRL to hold (but as of now that's too far!).

With 200 SMA around, it's going to be a natural support. The type of consolidation will determine the next course of action. Still look for good opportunity to short - as the long-term DOWN is intact.

Note:

With highly oversold status, metals look quite hot.

Nifty P&F (Wk 2503-2903) - long pole pullback 5685-5700 & downward target 5300

Recap:

Sell-off was quite quick, however straight from 62% Fib.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily down. Double bottom broken. Long pole (20 boxes) in daily chart suggesting a pull-back, may be 5685 - 5700 level. BlSL & Double bottom broken suggesting channel bottom at 5300.

Of course remember the long-term VPO 4940!

Nifty P&F (Wk 1103-1503) - quick sell-off @ (5985-6020) or consolidation for further up

Recap:

Expected minor "pullback", but market has shown significant strength.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly UP, Daily Up. The pullback has been quite swift. In one go it has retraced 68% Fib!

If it was a false pullback, we should see a quick sell-off also from the channel top (@ 5985 - 6020) level. But if the responsive buyers have bought the 78% pullback from the top @ 6110, some consolidation should go on here, before we set a new Bull journey.

Nifty P&F (Wk 0403-0803) - likely long term reversal set in VPO 4940!

Recap:

VPO was 5760, it exceeded and went further below to 5685.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly Down, Daily reversed. Refer weekly chart, it reaches the channel bottom. Expect a minor pullback. Though DOW theory has not broken 5580, it looks we are set for a big reversal.

If I go through the VPO, we are looking at a target of 4940!