IT looked like tobe the finale of a big tournament,,,when the last sell off was started , in early april-2010,we had seen a LOWER TOP on daily charts....as nifty bounced back from supports around 4833, i wrote here, the rise SHOULD be weak, and MAY be a LOWER TOP on weekly charts.
I have also mentioned , that THIS time it looks tobe DIFFERENT.
A WEEKLY CLOSE BELOW 4960 / 4785 will confirm LOWER TOP on weekly charts.
NOW, we are in the last 5-10 overs of the finale.
AS on eod charts...SHAPE WISE its a perfect HEAD N SHOULDER PATTERN ON NIFTY/SENSEX CHARTS., DEVELOPING.
First sign of hns working will be sideways move for 1-2 days + a big upmove closing above 5073...
and than THE NECKLINE BREAK ON THE UPSIDE , NEEDED.
BUT, IF the channel gets broken and if 4960---4785 broken,,,than there will be some SERIOUS PANIC, IN THE MARKETS.
1 comment:
Dear Sir,
Your way of writing is very lucid and appropriate to the market situation. I value your way of analysis and hope the Best always from you.
Regards,
Balan
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