Would like to congratulate Sushilji and other members of the Kolkata Chapter for making the meeting a successful one.

Now coming down to the markets.... I believe that we are in a descending triangle formation in the Nifty at the present moment with a strong support at 5150 level below which there can a breakdown. Moreover,a breakout would only be possible above 5330-5340 levels where there would be a valid trendline breakout. Pls post your views on the same.

Moreover, I would like to ask Sushilji to give his opinion on elliot wave theory i.e. according to him which wave are we in the markets at the present moment.

Thanks and Regards....

Padmanabh Mohta

If everyone can see the same pattern, then the market will discount those patterns as well. Lot of the times H&S have failed for those reasons itself. Also the golden cross. If its too obvious markets will discount it. Markets continue to remain in range. Rather than focusing on Nifty , we should look at individual scripts to trade. ITC is a favourite of mine at the momeny & every decline can be bought for levels of 320.

If anyone is an avid nifty trader then he should try his hands at SBI.

It would be very premature to assume that a pattern will fail just because it is looking very obvious. It might just be the case that its a very definitive pattern. I agree that in Technical Analysis, nothing is infallible and that markets are full of probabilities and not certainties. But, I guess one should not assume prematurely that a pattern will fail, till it actually doesn't happen..