September 8, 2016

Market outlook

Daily charts
- trend is up on daily charts
- RSI at overbought levels but can stay here for quite some time
- immediate support 8700
- option writing not giving any fixed clues
- option writing levels 8600-9000

5 min charts
- rangebound market
- nothing to do
- channeled move hints at correction tomorrow - let's see


  1. Sir can you explain how this channeled move can lead to correction tomorrow?

    1. Channeled moves are usually corrective.

      In this case, the previous move (down) was fast but markets took a longer time to reach the correction start point.

      The previous trend on 5 min charts should resume.

    2. sir, market down by 80 points.... need to learn a lot from you sir.