Thursday, July 16, 2009

WHAT NEXT ???

AS the markets started to fall from the budget day..offcourse from the projected resistance levels of 4450-4470 and as per the projected top h&s reversal pattern..i had given final target zone of around 3700 in nifty and around 12700 in sensex...now theoritically as per the target calculations of the h&s pattern ,these were correct..also these levels are matched with certain fibonacci supports-targets and also as per the FILLING UP GAPS theory..everything was like bookish and ideal thing to happen.....
BUT this is exactly what markets dont lke ,ever..markets proves time n again..that theres a ""LOT OF WATER (money) IN THE SEA (markets)..BUT ALL IS NOT OURS ""AND its not that easy to earn..markets has this uncanny habits of not doing what EVERY STREET TRADER KNOWS...
AND here my experience and my system came handy..EXPERIENCE suggested that as everyone is talking of easy money shorting with tgts of 3600 around..markets will find some supports way before this.so i came out with sensex n nifty supports at around 13300-3930,than there was weekly stochastics which was getting oversold for the first time since the rise from march-09,i also had a glance at dow jones weekly charts ,there too stochastics was in highly oversold zone..than i was aware about quarterly bullish patterns,,and finlly i found BULLISH WEDGE (FALLING) EXACTLY AT MY SUPPORT ZONE.
SO, i said a bottom? and it was a bottom indeed.
NOW WHAT ??..instead of commenting much..i would let my chart speak.this rise could easily be the corrective rise up to thr h&s NECKLINE..there are overhead fibonacci resistances,upto around 4370, and then the falling trendline also will work as resistance.but looking at the strenth of current rally ,i would like the markets to pass on some time in the higher zone, around shown resistance area,and not to fall suddenly
READERS are again requested to view charts of nifty intraday posted here , and find out, how quick my trading system generated buy calls from the day nifty took support at 3920.
for more details abt the system...add bhoom2tika..in ym

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