title given to my thoughts on 24th nov.-08,almost 3 months back is still valid !!!..such a long sideways phase can prove tobe a real base,a bottom formation process,but two different wave theories suggests that one major downfall is still pending,well ,wave counts would get new labels afterwards...one thing is for sure we are on the verge of a very very big move on either side,and if a downfall starts after nifty unable to close above 3200,a lots of strong counters will only produce a once ina life -time buying opportunity, as they will be making higher bottoms only on their respective charts...following are my comments on a forum...
as per neo-wave theory followed by some ,it suggests that the current fall from jan-08 is a large A wave (unfolding as a tripple combination)of a large triangle which will last for 3-5 years,2 legs of this A wave have been completed n we are in an x wave..after which another triangular downwave will start,the first leg a of this triangle will possibly breach oct.-08 lows..so both counts in general matches each other ,in a way ,as both suggests a big leg down is still pending,,but at this particular point of time,market may be suggesting something else,in my humble view if nifty breaches 3200..some-how..all counts will be changed in due course of time..coz. sometimes markets have their own counts..dont they ??
if somebody expects a fall,it cant be a pure technical viewpoint,market can easily break the 6 days rally trend..coz. market itself sets such trends..n breaks them too...in my opinion reliance is not streched yet..and cement + steel counters are ready to fly more..so better watch 3046 for nifty first...trade with the trend is the golden rule friends
in my view at this juncture the markets are at crossroads,,a daily close above 3200 is a must to most probably put an end to the threat of oct lows tobe broken, and a weekly down candle pattern from now onwards + a daily close below 2650 will be a sure threat to oct lows which mostly will confirm that a very bad event is coming too............
