A composite profile of daily prices is drawn across the chart.
There are two profiles, one for the entire down move from early November to the mid feb lows and the second pne from 5177 to current prices.
As can be seen prices closed near the point of control for the entire down move at 5900-05 spot.
The rally from 21st march is still running strong and there is no signs of any visible weakness on charts.
That is on the daily level.
However on an intra-day basis, for tomorrow, we have a conflict on our hands
1) resolution of the balance zone 5835-5880 has been to the upside, suggesting more upmoves. Incidentally the balance zone produced a 86 point upmove at today's closing prices based on NF.
2) we had a Double distribution day today which is also a sign of continuation.
3) The profile however also throws in a 3 I day, which is generally suggestive of capped up-moves at least till the last hour of the day.In a 3 I day, the highs are usually made within the first 60-90 minutes of trading.
Hence for tomorrow, if we do open and stay above 5959 in the first hour, I see a move to 5985 NF and 6012 NF, within the hour.Weakness will be on a break of 5932 towards 5905 and 5880.
For the upmove to continue, NF should not trade below 5880 tomorrow.
Posts
6 comments:
Off topic :
Take a look at this list .
Gujarat India earthquake 26 Jan 2001
The Rhodes earthquake 26 June 1926
Taiwan earthquake 26 April 2010
Japan earthquake 26 Feb 2010
NE Japan earthquake 26 May 2003
NE Japan earthquake 26 July 2003
North America earthquake 26 Jan 1700
Yugoslav earthquake 26 July 1963
Just got the following from Indonesia and I have translated it for you
all :
Aceh Tsunami 26 Dec 2004
Jogjakarta earthquake 26 May 2006
Tasik earthquake 26 June 2010
Mentawai Tsunami 26 Oct 2010
Merapi volcanic eruption 26 Oct 2010
OTHER HISTORICAL disasters:
Krakatau volcanic eruption 26 Aug 1883 ( 36,000 dead )
China earthquake 26 July 1976 ( 255,000 dead )
Portugal earthquake 26 Jan 1951 ( 30,000 dead )
Kansu , China earthquake 26 Dec 1932 ( 70,000 dead )
Turkey earthquke 26 Dec 1939 ( 41,000 dead )
Sabah Tidal waves 26 Dec 1996 ( 1,000 dead )
Bam , Iran earthquake 26 Dec 2003 ( 60,000 dead )
Closer home the city of Mumbai will never forget 26/11 and 26/7.
@ Shai,
How to identify of 3I day?
Chandrabose
Chandra,
3 I day is 3 times initial balance.
Please look at the underlying concept in the above post. Currently we are playing an intermediate level within a short term ref point.The chart shows a one time frame up market
In such cases, the longer term ( 5900 POC) takes over and short term indicators should be avoided.
@ Shai,
Thanks
Chandra
"if we do open and stay above 5959 in the first hour, I see a move to 5985 NF and 6012 NF, within the hour.Weakness will be on a break of 5932 towards 5905 and 5880"
Ok, Part A did not work out and we went below 5932 off the open and have done 5906 near the top of yesterday's single prints.
distribution again here. further weakness below 5905.
Intra day update posted
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