so..a rally of around 400 nifty points in a few days, after charts suggested that we may have hit a bottom,(all probabilities that nifty will touch 3300 today morning),,i have been constantly advocating my view abt. markets that THEY USUALLY DISCOUNT FUTURE IN ADVANCE...economies worldwide if are going to revive after 6 months to 1 years period, markets should bottom-out around now !!!!!!! they are doing precisely the same...i also wrote a few weeks before that WAVE COUNTS CAN GET AND WILL BE CHANGED AFTERWARDS...and my guess is proving right here again,,will give views of vivek patil ,well known neo wave theorist,on my blog tomorrow.his earlier count suggested that sensex should finish a larger degree A wave around 6500..but now it will be changed..can this rally continue its upward journey ???
yes ,it can ,,but a big correction is due any time,coz. confirmation of a strong bottom comes only after a price pattern develops...loke a double bottom..or a higher bottom..loking at the strenth of this rally ,i am expecting a higher bottom formation for our markets.
89 dema is giving a very good clue to the long term trend trend for us..look at the chart of sensex with 89 dema ,,see how strong resistance it was...and now it has started supporting ..
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