I had never complicated the things while writing posts analyzing Stock Market. Of-course I am watching the current trend among young analysts with concern that they are making fun of Wave analysis. They are even trying to count waves of intra-day (Minute to Second) charts. This is absurd, Wave analysis should be done for monthly or weekly charts for long term investments only according to me. Time and again I have seen that this method doesn’t work in practical trading rather than theoretically and applicable to post market analysis for seminars and Analysts (Earning by teaching clients not by trading). One practical example is much hyped Advanced Get software, which could not be able to write any success story…… But for fetching clients it has to be fancy, decorative and confusing, thus art of true chart reading is drying. There is a saying “Trading is very simple. There is a whole industry to make it complicated”.
Anyway let us come to the point…… I am a die hard Bull about Indian Market since May 2012. I would like to recapitulate my two posts here.
(a) It was recommended to go long @ 4770 covering all shorts During May 2012. (One may check here previous posts).
(b) Again on Sep 12 Target of 4770/6200/7500 given for Nifty in the coming days.
But during Oct 12 entire month was choppy, with a positive trend and the narrow range was 5750-5630. On 30 Oct 12 when Nifty breached 5630, I was littlebit confused; hence decided not to comment. Now, as this breakdown is being considered a simple whips I have decided to post again.
Needless to mentioned here, one must consider a buy above 5750 only. Remember if this happens and Nifty could be able to remain above this level for two days (better if entire week), we are going to watch a tremendous bullish market and non stop rally could be seen up-to 6200.