Readers have been asking me ,why not to go short ,even as i am predicting a correction ??
My answer is :::as i have put here a few charts which suggests weakness,now can one go short at todays open in these stocks ?..well one can go short at open or one can wait for a WEAK pullback rallies..with appropriate STOPS.
::: A few major stocks like reliance and icici bank have shown relative strenth,so i wrote ,that one cant go short BLINDLY..
::: The Wedge pattern ,i am talking about looks tobe as similar as it was in early 2008 on weekly charts..no break-down and this sort of a pattrern can turn out tobe a pennant,,which has bullish implications..so a trader must have patience to let the developing pattern COMPLETE ..to act on it.
:::My duty as a technical analyst is to IDENTIFY probable TURNING POINTS,which i ve been able to do with a reasonably hifg success rate.
jaisainath.
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