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US $$$ V Stock Market :: We are given target of Indian Rupees against US dollar in between 46 to 51 ,six month ago.. And Rupees achieved target at 50.25.. And made almost double top in last week.. May be create mid term top OR minor zigzag yet to go, if break 50.25 in next week next swing target in between 51.50 to 53.. (If break 48/47 in coming week downward target in between 43.50 to 45)

We plot here Euro V USD chart in this chart Double Zigzag corrective W-X-Y..Last leg Y with corrective A-B-C of C almost achieved target near 1.2300 and already bottoming out before two week

British Pound against Dollar try to made bottom last week..Almost achieved Corrective Zigzag W-X-Y of Y target with a-b-c, near 1.4600 may be hold last bottom in next week..

We saw one more interesting thing in Swiss Franc chart...!! May be create mid term top formation near 1.1900 against US dollar.. !!

Dow Jones already made almost double bottom in last 13^th Nov, and bounce beck sharply from low with +900 point gain from bottom..

We already plot Sensex wave count last week and may be Sensex create mid term bottom below 8000 before one week..

All this thing give assumption that may be all world stock market bottoming out or bottoming out soon within one or two week for mid term… lest see what’s happen in coming week..

Nifty intraday chart shows easy trades for comming days.

if you look at the attached chart, 2752 is the 50% level of the entire upmove, also it has the trendline there.

so this means, that a closing below 2752 would take nifty to 2630 levels, and if that breaks, thn new low for the year.

now looking at the way nifty is forming a cluster(support) around 2770 levels, in case we hold 2752 and cross 2874, one can go long with SL 2750 for tgt of 3026, where we will again short heavily.

keep this chart handy as this is gonna be very important for trades in comming 5-6 sessions.

NIFTY (weekly, two years)

Nifty is a reflection of market sentiment. Keeping emotions aside, let us see what this weekly chart tells us.MACD indicates a downtrend, ADX indicates a downtrend. Markets started their decline from 6200 and rebounded later to top out at 5250, 4500 and now 3000. The downtrend indicates weak sentiment. All upward rebounds are being used by sellers to offload Indian equities. Buyers are coming in at lower and lower prices.

Should we add to our portfolio or wait for technical indicators to turn upwards? That is a million dollar question. Market bottoms will arrive unannounced. Bear markets end on a whimper. SIP in blue chip stocks would be a good strategy. Tata Steel is now available at 170 but not yet technically giving a buy signal. Will it go down further below 100? Nobody can answer that question. But what we can answer is that a 100 year old company will be able to weather this storm and benefit from turn around in commodities in the next two years. So those who wish to 'invest' and not trade could add such companies gradually. There is no hurry to buy everything tomorrow. As the Nifty chart indicates markets are not going to turn bullish in a hurry.

rgds

This is just an extract from Mr.Steven. J.Williams Blog.

Even the "Tower of Terror" ride at Disney World (Orlando, FL) does not have a free-fall drop as much as the DJIA fell at times over the past week. It almost makes you think twice about eating a big meal before getting aboard the DJIA rollercoaster.

Taking a very long term look at things I pull out my updated 200 year chart and some zoomed-in charts of the current situation. The top is CyclePro's most noted chart. This is a 200 year history of US stocks with yearly Hi-Lo-Close bars all adjusted for BLS inflation rates. As is easily visible on a log scale chart, stocks stay within a consistent channel through its entire history. Each time it touches or pierces the upper channel, eventually it moves to the lower channel, and vice versa. There is even a higher channel line (orange) that has only been touched in 1929, 2000, and 2007. The lowest channel line (orange) has only been touched in 1813 and 1982. The 1900-1906 double touch was followed by a bear market through 1920. The current 2000-2007 double touch may follow a similar pattern. My target is actually 2016-2018. Even the 1906 bear market initially came down to the centerline, bounced up, and then fell through several years later. I expect the same to happen this time around with my target no later than 2012 -- but maybe we are already there...

Nowadays Rupee movement is the most takable topic than sensex these days. When looking in to the technicals still the long term buy signal in rupee is not yet over and keep continuing. Just see the charts presented here. The first Buy signal comes in the rupee when the rupee breaches 200 day MA also moves above 20 day EMA near Rs42. Normally if a stock/index/currency if breaks 200 day MA in upside suggest a long term rally and a fallout below 200 day MA suggests bear hugs to the corresponding stock/index/currency.

At this point of time Still the rupee is trading above Rs 48 (>20 EMA) which is still a buy signal yet. Only a breakdown below Rs 48 will target 43(200 MA) in short tem. So May be in the upcoming days FII's deleveraging will continue.... the recent surge in rupee agains USD says so....despite RBI's rate cut. So still the message is clear. Dont go into street to buy stocks.... Stay away from it untill a clear cut signal in rupee arrives...

SELL LIC HOUBELOW 209 TGT 201>195 STOPLOSS 214

SELL AXIS BANK BELOW487 TGT 469>456 STOPLOSS 497

NIFTY WEEKLY strong resistances zone 3254

Last week nifty fell 5.47% and broken the momentum of two weekly gain .On the daily chart nifty is hovering in the range from 2770 -3240 from last nine trading session . Nifty still making lower top and lower bottom indicate some bearish signal . For coming session nifty can take support near 2740 if it break 2740 it can test 2650 zone on the other side if nifty trade above 2920 it can test 2989-3054 levels.





internal waves within our preferred wave 4 bias discussed earlier.

as one can see, i have sub-divided wave 4 into A(3 wave zigzag), ongoing B(3 wave flat). therefore wave 4 also becomes a flat. wave C after B can become truncated if support area(above 2631) is respected.

support and resistance areas are also marked by ellipses.

dotted arrows showing the speculated projected directions of mkt movement for monday and afterwards.

it will be a tough week ahead and could be a traders nightmare if one is caught on the wrong foot.I will advise all to trade with caution and see the trend before plunging resources for a longer committed play.2900 ZONE seems to be the S/R for next week. We had ended the week on negative grounds with wild swings & as US markets too gyrated wildly on friday ending finally in negative territory , it will be worth watching the Asian start for the next weeks cues.Watch 2760 closely for weakness downwards.& 2920 for upward breakout in NF..happy trading CHEERS.