NO SUPPORT WORKS

The Nifty Seems To Be In The Mood of Hitting The LOWER END Of The BROADENING PATTERN Without Getting Much Fight From The Bulls

NIFTY Is at 100 DMA As On Yesterday And Last Time When NIFTY Touched 100 DMA It was A Buying Opportunity But The Structure Of Fall At That Time Was Not As Severe As it is Now

So Unless NIFTY Future Closes Above 8190 One Can Not Say That The Supports Have Worked
More Confirmation Will be On A Close Above 8290

As Nifty Was In A Broadening Pattern USDINR Was Developing A Completely Reverse --CONE SHAPE Price Pattern And It has Broken Out Of it As Well

A BIG WARNING For Nifty ?

Lets Observe Nifty Further

BROADENING Pattern Can Prove To be A REVERSAL Pattern Too

A 400+ NIFTY POINTS ON THE DOWN SIDE

It is A Pleasure to Watch Indeed As NIFTY Sheds 400+ Points Right From the All Time High

I Do Believe That This is THE MOTHER Of All Bull Markets But A Trader Can Earn Money By Correctly Identifying Even Short/Medium Term Tops in Such Bull Market As Well

I Expect An Upward Correction Should Resume Soon Before A Final Down move To Meet Broadening Pattern Supports

A Close Above 8376 Can be Some Thing Much Stronger Then A Normal Corrective Leg Of The Recent Down Move From 8625

NEAR SUPPORT

As Per Technical View Presented on 1st December NIFTY Entered In To A Very Sharp Correction

8280 Worked For A Few Hours But Broken Today And Now NIFTY Is Near Some Very Good Supports Around 8170

Expect A Pull Back Rally Next Week

A Closer Look At Weekly Charts Of Most Leading Stocks ,Only Pharma & Banking Still Seems Ok But Too Many Other Stocks Are Developing Some Serious Reversal Patterns

A CRASH AS EXPECTED

It is Really A Very Severe Crash On NIFTY Chart.

8280 Should Give Some Support But If The Support is Weaker Then Expect 8160-8180 Range Very Soon

Expect A Strong Bounce Back From The Lower Range.

INTRADAY TRADING SYSTEM CONFIRMS TECHNICAL VIEW

A SHORT TERM DOUBLE TOP ON NIFTY CHART

Our Markets Are At All Time Highs But Very Recent Observation Of NIFTY CHARTS Suggested That we May Witness A Sharp Reaction Respecting The BROADENING PATTERN Shown on NIFTY Chart

As on Today We can See A Short Term DOUBLE TOP In Place On Nifty Chart

Another Observation is That At Two Points Two Different Technical Supports (LOWs & GAP) Matches With Two Different Fibonacci Retracement Levels This Gives Another Indication That We May Have A Short Term TOP In Place

A Very Clear Indication of a Further Sharp Correction Will Come On A NIFTY Close Below 8411

First Two Important Sectors That Are Facing Some SELL OFF Are Pharma And It

IF I GO WRONG

Nifty Watchers Must Understand That As Per My Observation NIFTY Is In A Broadening Shape As Shown On EOD Chart

Also 13Th Being A Fibonacci Number Expect A Reversal in This Month With NIFTY Remaining At Another Fibonacci Level As Shown On WEEKLY Chart So I Am Expecting A Corrective Down Side Move

BUT

We Are In A Big Bull Market For Long Term So A Dip Around 8000-8200 Should Be Considered As Buying Opportunity to Breach The BROADENING PATTERN On The Upside May be Later in 2015

A MEDIUM TERM "TOP" IS NEARBY

Markets Are on the Verge Of a Sharp Correction Very Soon

Expect a 600-700 Nifty Points on The Down Side In the Next 2-3 Months

My View is Supported by Three Charts Posted Here.