Nifty continued the correction and confined to below 5700. So I have reworked the entire correction phase starting from 5719. The labels are updated in the hourly chart. We maybe still in the correection which might take us to near 5600 range before promising any meaningful bounce. So far it has completed wave a and wave b of the wave iv. Wave c should take it to re-test the channel bottom.
Daily chart:
Hourly chart:
Another interesting observation that I had was plotting the 7 day ATR and a trend 9 day moving average of it as trend line against the hourly nifty. I had observed that whenever the trend line cross over happens, market moves in a direction. This is just a study and posted it for observation. Need to review this for a larger set of data and backtest it.
Daily chart:
Hourly chart:
Another interesting observation that I had was plotting the 7 day ATR and a trend 9 day moving average of it as trend line against the hourly nifty. I had observed that whenever the trend line cross over happens, market moves in a direction. This is just a study and posted it for observation. Need to review this for a larger set of data and backtest it.
No comments:
Post a Comment