Nifty Stopped At Golden Level

Yesterday was supposed to go to Sirsa, Haryana for training. Came back from station as had wrong ticket. Wrote the blog dt 29 April at night.

This morning, I sent message saying upward movement was dependent on breaking 5278. It did break and went up. But then I sent another message saying ".. must break above 5290.." as that was within +/- 2 of PRISM's Golden level. Sadly, Nifty went back from 5290. Earlier, Nifty had tried twice to break above Golden level in the morning, making 5288, 5287 and eventually 5290. It was stopped at the outer limit.

Earlier, my sell call at 5280 with target at 5267 was met.

Also note that right in the morning, I had given overall downwards target at 5260 and 5253 (last one Golden level again) as the morning correction had gone below PRISM's Bull level by 3 points, violating the +/- 2 points stipulation. I had messaged that once Nifty has made an extra 1 point low, it will come back to test the lower levels at 5260 and 5253. However, the bulls were in no mood to give up so easily and it took almost another 5 hours of meaningless ups and downs before Nifty touched 5253 almost near the end of the session.

This is the picture of last few days and note the fact that today Nifty has bounced up from the Golden level of its correction pertaining to the last main rally. That leaves us with a very simple task for Monday. If this Golden level holds, Nifty will again move up, temporarily at least, and we should be taking a long position at the sight of a Buy signal. If it breaks 5250, expect Nifty to go down to 5234 at least, with a slight chance of a stop over at 5244.

Have a great weekend :)