path contd

last time i wrote that nifty is near st areas and since it had shown strength , it will not go down much.incidentally it had hit the low which hasnt been broken since in the last weeks or so's consolidation.

it should now move closer to 5830. a little resistance is there at 5740 zone.

neely

every trader understands some phase of the mkt better than other phases of the market. it may be a bear, a bull, a range bound phase.in my little experience i havenot seen exception to this rule. so the only way one can achieve meaningful profit in the market is by minimising his losses in the phases he is not able to understand.the extent of your losses when you are wrong really decide the longetivity in the market.

neely is undergoing the same phase with regards to his forecasting. from some spectacular analysis to a lot of misses in the current run.

but without a doubt MEW is a most significant book of market analysis, second to none.through neowave, the insights he gives you about the market is work of pure genius.he deserves more credit than he has received.he has laid the foundation of a very powerful tool.

google

i dont usuually like to comment on US stocks coz i dont track the stocks at all, but the some charts are truly exceptional.

google has a long term break point at 700. above which it should head for 900.

have been a huge huge fan of IBM chart.

IBM is absolutely stunning. it should be hard for it to come don to < 150 zone for a long time now tgt is immediate and of 250-260. anywhere close to 150 its a blind buy and a steal.

sensex debugging

was sent a mail by a friend ..chart of a well known analyst for elliot-neowave analysis

showed the current rise as a double zig zag on sensex.

its not a double zig zag for some simple reasons of problems of degree in price and time.

in the second zigzag, time consumed by c is less than a, b consumes more time than the entire first zigzag... and so on.

such problems highlight the fact that the assumption of a double zigzag is not correct at all.

path update

nse moved to 5750 and has come to 5500 .since it showed strength by moving to 5750 ( as opposed to 5680 as i had previously mentioned) i should not go below 5400.

5430 about zone should provide good support.