Guide To Making Profits

Dow Jones Industrial Average:

Dow Jones Intraday Chart
Dow Jones EOD ChartIntraday charts for the DJIA showed an initial slowdown showing signs of weakness as expected. Since we are expecting a Gann reversal of trend from bullish to bearish very soon, we may take note of this weakness in the index. 

The index closed in the red leaving traders worried about its future course. There are no Wolfe Wave patterns observed and hence a significant move in any direction is not foreseen. 


Though lagging by a bar, EOD charts remain under a buy signal. However, traders should be careful about trading the index for two very significant reasons :

1. A major H3 Camarilla resistace is near.
2. A reversal is expected soon.

EURUSD:

EURUSD Daily Chart
The Fiber as it is commonly known remained as weak as ever and failed to show any kind of move in the last few sessions. It has been lying within the monthly L2 and L3 in April and with respect to a new set of Camarilla Levels for May, it stands in a very neutral zone. 
We are yet to see some strength in the pair which is expected to be bullish as per our Gann studies. Wolfe Waves are absent on the charts.


Gold:

Gold Daily ChartGold closed mildly in the red while being into a steady uptrend on the first trading day of the month. This is likely a minor retracement, a very common wave characteristic and we can expect the bullish trend to continue. Gann studies predict an important movement within the 2nd of May and 4th of May, 2012. However, whether this will be strong enough to change the trend yet remains to be seen. Wolfe Waves are not observed on the charts.

S&P CNX Nifty:

Nifty Intraday ChartNifty Daily ChartMildly bearish since early trades this morning, the Nifty closed in the red on its first trading session for the month. We are expecting a trend reversal soon and hence sharp positive moves can be expected within the next few sessions. Though Wolfe Waves have not been seen on the EOD charts, one on the 15 min chart is clear. The index is now into a bounce from the 1 - 3 line which is expected to make it touch the 1 - 4 line in the near future.

What are your views on the markets ? Place a comment !!

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