WE have seen a very very IMPORTANT TOP in place at 5183.
expanding structure on intraday charts was my first clue of a TOP ,in place.
on 15th dec i suggested ,downside targets of 5007----4950--4924,,,my condition was 5078, not tobe breached.bulls tried hard, twice in 2 days, one high was 5072 second was 5069.as 5007 was broken, yesterday we had touched 4934.
with , short term oscillators in oversold zone,,we may see another WEAK rise.
AS per basic dow theory, on daily charts we are yet to see,,a LOWER TOP-LOWER BOTTOM, formation.
with supports at 4910-4950,,,from here onwards, we may see a weaker rise , which will be a lower top to 5183.before a crash, which will meet the ROUNDING TOP targets around 4700---15900, for nifty -----sensex respectively.
readers, must remember my chart of sbi,where i suggested a top h&s in place.hdfc bank too have broken an important trendline.
all in all,,,,as i suspect a major top in place,,the coming rise SHOULD BE WEAK,,, to confirm my view.
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