India Markets :Technical Analysis

As a technical analyst, i believe my job is to identify turning points, after a significant move on either side.but as a human being myself,,,sometimes my mind too deviates from the core job. I try to ANTICIPATE a move,instead of waiting for the signals from different tools of the subject.

if i do this using intraday charts for short term trading, sometomes it becomes very risky,because markets or a stock can just runaway from my ANTICIPATED levels.but i think if i do this using hogher term charts, (daily,weekly), i could have some breathing space,,as i can use intraday charts,,and can identify that looking at intraday charts strenth,my anticipated levels on daily charts are not going to work as turning points.thats y writing on a blog becomes difficult so many times.

The current rally has gained lot of strenth in the past week,reaching earlier highs.basically in such a strong rally, our aim should be to buy on corrections.also shifting our buying from one sector to other sector prooves smart trading.

AN important week is coming.

As i have been using fibonacci nos. extensively for my analysis.2nd june( tuesday),,first week of june,,,and the month of june itself could well prove tobe a turning period for our markets.reason ??...

1. 2nd june will be 55 th day of the ongoing rally

2. 1st week of june 13th week

3. month of june 8th month.

3 fibonacci nos. coming togather, can be a good event to watch.

In my view, we are already in a new bull markets (i anticipated it in oct-2008,,confirmed it in march-09). so if a good correction sets in from here, it should be a very good buying opportunity only.

we will see ,how it corrects,and hope ,we will be able to catch ,where it ends.

DOW : looking at weekly charts of dow... any weekly close above 8600 and than above 9088, will trigger a huge rally upwards in us markets. only a sharp down move below 7750 in coming 2-3 weeks can change this picture,, otherwise i think us markets are getting ready to fly.

so,,all in all if a good correction sets in from imp. fib no.s... should prove tobe a good chance to participate the bull run.as sensex seems to have a tgt of 15600+ for the current rally.

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