SENSEX: SENSEX almost reached the 61.8% retracement level
which was a suggested target since quite a few days.
BOLINGER BANDS and ADX did give us a clear clue of the BREAK
DOWN from the earlier range and 61.8% retracement level of the big rally
started from end of 2011 was my suggested target for SENSEX
I will not be surprised if SENSEX even reaches 80%
retracement levels as suggested in my last WEEKLY CHART BOOK.
NIFTY: 4947 was the 61.8% retracement and TARGET for NIFTY
and around 5200 I had clearly said that we are soon going to see a 200-300
points move in NIFTY once it gets out of range
RISING ADX was a clear indication of the recent break down
as well.
4881 should be the minimum downside target from here on
unless NIFTY CAN PRODUCE A BIG BULL CANDLE to close above 5136.
Even then 5154-5183 range will be difficult zone for NIFTY.
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