OCT MONTHLY VIEW :

Market is well balanced at 5700 with maximum CE at 6000 and maximum PE at 5300 ,with 90% of TA and Astrologers are talking about New BULL run ,on Friday i had squared off my all positional holding and hoping that market should correct till 9/10 Oct .No one is ready to talk about correction and every one is expecting about a simple dip to buy.so where to short and where to buy ,Elliott wave count wise market should come to around 5440 or 5340, before a final up move.
So those who had shorted they should keep 5735 weekly closing  as there STOP ,because closing 5735 weekly leads to 5965-85.and i am expecting a dip around 5440 or 5340 at least to create some longs again.Friday candle is Inverted Hammer which is giving me the hope with negative divergence on the chart that correction is coming ,so i will remain with my shorts ,as i am not expecting more than 5756 in this up move .
R.K.

USD-INR :30 SEP 2012

This is a USD-INR  4hourly chart :

The correction from 57.30 -52.45 is a (a-b-c) correction of 4th leg down ,and now the next leg up move should start any time .There is formation of  Diagonal triangle in C which indicate the down move of INR is over .There is a positive divergences on every time frame from daily to weekly with huge over sold .
INR had retraced more than 55% of the rise from (48.55-57.30) of the 3rd leg .
The next leg up move will take INR to 62+ in coming few months.

R.K.

BANK NIFTY : 28th SEP 2012

When there is a confusion in NIFTY chart and levels ,BANK NIFTY give the clear picture ,BANK NIFTY showing clear 3 wave rise and 4th wave should come at least around 10700,and selling pressure is going to come around 11580 which is the upper trend line,so short heavily near upper trend line ,in the last post i had mentioned that NIFTY can move maximum up to 5756 in the 5th of v leg which was missing .so exit your long positions above 5700+and short every rise ,I don't want to comment on NIFTY fall , just guess if BANK NIFTY can fall up to 900 points than how much NIFTY can fall,before moving final up move.
So be cautious at higher levels .
HAPPY TRADING :R.K.

NIFTY UPDATE : 26 SEP 2012

As i stated in my last post ,there is a rising wedge and NIFTY had taken the support at the trend line ,but the fall from 5720 is in channel and still corrective in nature ,that's why every Elliott wave trader searching 5th of v leg ,a rise up to 5700 at least , which is missing .

The rising wedge support at 5640 breaking below this level will leads to 5440,and if  tomorrow still the correction will be in channel and the lower channel at 5620 will provide the support ,and break out of the channel at 5675 will leads to  5700, as rest of the world market already started there correction ,so very soon NIFTY will also start its correction so be cautious .
HAPPY TRADING :R.K.

NIFTY

Good Morning Friends :

There is clear 5 wave in (5217-5720 ) and also there is a 5 wave rise in last sub wave (5535-5720),The 5th of 5th is over or at max it can move up to 5756, so short near that level , in 30 min chart there is a formation of rising wedge ,which is a bearish pattern ,break out of 5640 level will leads to 5440.so don't buy for time being as expiry is very near and monthly closing,wait for a correction to buy for the final leg up ,keeping in mind the expiry ,i will suggest a bear spread ,buy 1 lot 5700 PE and sell 2 lot of 5600 PE and hold till expiry ,as i see expiry below 5700 and above 5600.

HAPPY TRADING: R.K