Spinning Top : The first diagram shows the candle stick which is known as spinning top. Here the upper and lower portion of wick ar almost same. This indicates markets are relatively unchangened from where it opened. If its observed in any trend then tis means that there will be reversal of trend.
Shooting Star: The second diagram represents a chart called as Shooting Star. If this pattern is observed in upternd then there is a chance of trend reversal.
Doji: The third diagrams represents a Doji. Here the markets close at levels where they opened. If this pattern is found in a trend then there is chance of trend reversal.
NIFTY Short Term View
If we look at the above chart we can se that the recent trend in NIFTY ( for last 5-6 weeks) has been an Upternd. Now if we look at the Orange circle part we can see that in last three days NIFTY has formed the Charts, Doji, Shooting Star and Spinning top which tells us that there are chances pf trend reversal in shprt term and NIFTY is bound to fall from here....in next 2-3 trading days NIFTY should start falling (if not from Monday).....and market are due for a correction. we are going to witness sell off in near future.Another indicator which confirms this is Slow Stoichastic indictor( i will explain it later) which shows the following:
the red line i.e. %K line is cutting %D line from above and going below. Also it has alredy gone slightly below 80 mark. Whic shows that markets are about to fall....
So these are my predicitons..lets se what happens and keep posting ypur comments.....
yes the market is due for fall and I expect the fall should take it to 4660 levels.
ReplyDeleteI feel the market should start falling from next week.It should have fallen so far.But the problem is that a lot of weak hands were in the shorter side.
Moreover global market was supportive.
So the time killing is aprcoess to drive away the weaker hands out of the market.