Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Wednesday, May 14, 2008

Market Update - May 15th 2008

Chart attached above. I dont have much to report on the chart except that uptrend still looks like it is protected by the uptrend line. But to me it looks like this will fail soon...Only question is when?....On the upside, watchout for price rejection and selloff - 5050, 5150, 5180 are important numbers to watch out for in coming days if it even gets that far. On the downside 4920 is the most important support. 4960 and 5000 area is also important as supports.

Position Update - As you know I shorted in small amounts yesterday...Down by about 30 points but since I have the hedge and the position is quite small, I am okay with this.

Today, I will probably look to add to shorts so I am at 50% position.


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