Lets take a look at the hourly charts over here....Its pretty much defined with the trendlines, a possible wedge setup...Or maybe just a channel which also says we have to bounce UP from here. IF this is a normal correction, we have completed A, B and C got over yesterday suggesting we bounce today to the upper level of the range which comes to around 5040 which was the target I was looking for when I took my longs....Still seems reasonable to expect this short term. Medium term 5050 is important - Needs to trade above to confirm correction is over.
Else we will see lower levels from somewhere down from the 5000/5040 area.
Trade safe. I will post updates to positions if any during the course of today.
Best.
6 comments:
Lee, as you have said on the forum our views are in perfect sync. I am also looking foward to similar targets - 5011/5061 is what works for me.
Yeah!..Great minds :) ... So you are FJB..I was not very sure but from your writing and style I assumed as much...I had asked this Question to you in previous post comments somewhere but I think you missed it...
Anyways, you have a blog of your own?
Lee .. i must have missed that .. no i do not have a blog of my own.
is it ABC or W in formation?
Monday, Tuesday, Wednesday might be bullish with Thursday, Friday bearish....Weekend Fund Lee ! happy Weekend .... All the Best!
hello kris...welcome...yes is possible...however i see many ppl expecting same scenario...will the market oblige? lets see :)
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