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Tuesday, August 5, 2008

Market Update - Aug 5th


Bullishness is back on the street...I was bullish from the lows...now slowly turning bearish...we may get atleast a pullback from this levels...We need to see the nature and extent of the pullback to decide whether to buy the dip...
Market can go up to 4750-4800 area on this move...Before that, we can have some pullback...Or a serious dip...If we go below 4350, then it will be a much bigger correction or start of a new bear move...Any corrections that stay above it may just be a smallish correction.
Note how the stochastics are in the range of highs where it has signalled the start of a new correction or bear move...Better to book profits in longs if you have any...
I have started some small shorts which I will be looking to add to over next few days if we go some more higher...Taking each day as it comes...
Best.

4 comments:

Anonymous said...

hello sir,

u said "We need to see the nature and extent of the pullback to decide whether to buy the dip..."..........what do u meant here by nature of pull back, by extend i guess u meant not to go below 4367 lvl which is 38.2% retrachment of move from 5299-3790.

regards,
shivangi

Lee said...

Hi Shivangi,
Yes levels are imp..4440 and then 4350 round levels are what I am watching...If we can hold above 4350, then higher targets open up to 4720 and above...

The other thing is that the declines should be slower compared to the rises.

Anonymous said...

hello sir,

i know i bother u a lot still as i m new to market so i have lot of doubts......so sir may i request u to plz show count for move from 3790 as it is very confusing.............n if possible show internal waves also.

Regards,
shivangi

zunka2000 said...

I doubt ....
Markets make us fool ....
Lot of noise that it is a rally in bearish market
But FIIs and mutual fund companies are buying in big QTY
Are we in a Bullish Market or a start of bullish market again ?
and which will cross 5050 or 5200
Just think about AUG-SEPT 2007