NIFTY UPDATE

NIFTY is having that attempt higher, led by NIFTY BANK. A daily close below 18,017 would had helped: but it missed that with small margin. Never the less, we got that comfort yesterday to Look for selling opportunities in this upside.
This Gap up, doesn’t turn everything BULLISH. Because there are certain CYCLES which completed during the course of this week. Let me mention few!
This week we completed, 144 CALENDAR days from JUNE 17th, LOW: 125 days from JULY 1st low: 56 days from SEPTEMBER 15th, high: 42 days from SEPTEMBER 30th low.
Also 21 and 19 weeks from june and july lows. 21 and 19 are not GANN numbers but important numbers in HARMONIC theory. Few other CYCLES have also completed but if I mention that: it would get too long.
So WHAT does this signal, to put it in easy terms, when such high number of CYCLES completes there Is always a reversal of on going trend, which for now has been POSITIVE.
REVERSAL could be of higher or lower degree, but it does takes place. So let’s give 1 more week to MARKETS to really resolve these things. Anyways from 21st NOVEMBER the BEARISHNESS would again activate as I mentioned on MONDAY.
I am someone who would prefer January or March PUTS to start as next trading position, just 30% at this rate, would increase allocation once I get further conformation. So what happens tomorrow doesn’t really bother me.
As far as U.S. MARKETS are concerned I already posted on them couple of days back, upside was open as long as 4th,NOVEMBER lows stays intact. So yesterdays rally wasn’t that surprising. Further details are spelled in that post.