"Level wise, 4910-4876 are trend decider LEVEL for nifty.
supports will EMERGE from these levels..it will be very crucial to see ,how some weaker stocks behave when nifty takes supports.also ,it will be very very important to see, what sort of a pattern developes from 4876-4910..and ALSO how MY SYSTEM BEHAVES ,in the bounce back.all in all markets are at a very important and interesting stage ,readers should be very very cautious in creating buying positions at nifty supports.""the following chart, clears the picture how my system behaved, on intraday charts,once nifty went below an all important lvl of 5013 and than below 4876-4910 lvls...remember all levels were supposed tobe support zones, and my system defines, in real time,how strong those supports are behaving.
i also clearly mentioned that ,there are all signs of an important top in place,,and now i think that 5182,will not be crossed in a hurry ,from now on.
THE big question is ,,where will the support emerge ?? since, the fall being very severe in the first place,my view is that there are all chances that the whole rally started from 2512 nifty lvl in march-09 has been ended,but as per basic dow theory too, we are yet to see a significant and clearly visible lower top on daily charts. so as shown in other charts supports should emerge from around 4670--4570 area,tomorrow if it opens up with a huge gap down,and than if nifty closes above 4670-4702, it will be the first indication of a corrective rally,which will go and make a lower top.
4570-4670 are has been some fibonacci supoorts and also the all important 89 day ema, currently is around this lvl.
here are few more updated charts, which i used to predict such an important top, almost precisely on the topping day.one very interesting observation is a top head&shoulder pattern on roc indictor on weekly chart of sensex.
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