Nifty P&F (Wk 0212-0612) - Break-out in all charts buy till 6060!

Summary:

I still say the long-term looks quite good.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern - Semi-Catapault.
Daily pattern - Double Top & BrRL break-out.

High probability that longs will be sustained. Buy at every opportunity of pullback till 6090 & exit longs at 6060 level. As of now multiple channel (BlSL) support lies till 5880 level.

Note:

As you see from the charts, there have been few key changes:

• Scale changed to logarithmic
• Weekly - 2% (Box Size) & 3 (reversal)
• Daily - 0.5% (Box Size) & 2 (reversal)
• Simple signal (Double Bottom / Top break-out) wherever applicable

Also I'll try to make my analysis more relevant to the books of Point & Figure. Let me know, how you like the changes.

Nifty P&F (Wk 1811-2211) - Short-term resistance ahead, long term looks good! A New release of the tool coming soon!

Recap:

Was grossly wrong in gauging the market. It was 6000 & not 6100!

Summary:

Weekly chart is still quite strong! Daily is down with a pullback & some immediate resistance lined up till 6186.

Weekly chart is showing significant accumulation with repeated attempts of new highs. I'm somehow of the opinion that the current stage is simple pullback.

Note:

Please see this post does not have any chart because I'm working on my excel tool to incorporate a % based scaling (semi-log) & expect to share with you all very soon.

Thanks to Praveen Pentakota, who brought this requirement to me. I also got a copy of Heinrich Weber & Kermiet Zieg, suggested by Praveen, and after completing the book, I realize that it's a necessity to have this scaling facility in a P&F tool.

So expect this tool to be available very soon!

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 1102-1502) - Either supported at 5895 or 5760!

Recap:

On a closing basis 6075 acted as resistance & turning point.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly Down, Daily Down. However, daily has reached 38% Fib (bottom @5550), also short-term BrSL (Bearish Support Line) & long-term BlSL. Therefore, a minor pullback / reversal can be expected.

Breaking this BlSL will indicate continue of Downward momentum. Further downside has a VPO of 5760, which is also 62% Fib (bottom @5550).

Note:

I apologize to my blog viewers for my discontinuous appearance. But, until & unless one is a day-trader it's not required (even for Derivatives trading). May be conversion from Day trader >> Week trader, will make one from Weak trader >> Strong trader!

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).

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.