Trading with Median lines is a system and a leading indicator suitable for Swing trading.I am following this strategy for Nifty and Bank Nifty with good results.Those interested to trade with Charts and Price action to analyse target price, support and resistance levels will find this strategy very interesting.

Feedback welcome!Happy trading...

Tuesday, December 7, 2010

Nifty seeking support

The fall continued today in the first half of the day and recovering towards close. In 15 min chart observed it was close to 5947 levels projected yesterday with the intraday blue pitchfork .However this fall to be viewed as part of the abc correction wave. Assuming" a" wave from 6069 to 5947 , "b" wave from 5947 to 5990 approx 38.2 % R , tomorrow a fall till 5890 /5871 ( equal count of prev wave / 1.23% ) expected.Will wait to see how the scene unfolds...
Currently targets towards the median line supports is shown in 15 min / 60 min charts below

Daily chart with possible supports and upmove projections shown.Negative moves will be below 5850.

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