Well got the big selloff...Morning started with a 1-1.5% down and I used this area to get rid of almost all my longs and also shorted 3100 Nifty.
6.66% down...When I got up today and saw this on the screen, I thought to myself...Man thats not a good omen!...Hmmnn...let us see...
So what next? Some bouncing about in a range is possible before we head a bit lower. But remember this is all part of the bottoming process and I also think we are finishing the last 5th wave of C. Today 2860-2850 needs to hold for some kind of rally to develop. If not, well God help the bulls. I will probably cover shorts today and just wait it out....Not going long here because of the uncertainty...Will again try to go short higher...But lets see that as we go along.
See this post I made some time back -
We are still playing out this scenario...I am looking for one more major low in the next few weeks. Maybe December.
Updated Daily Chart for your study.
Best.
3 comments:
Hello Prince
Thanks.......always there for help....so no need of saying any thanks to me.
just the level Lee.....2850 is acting as a great support level......since we have broken this level......we are definetely down......but its to be seen how much bounce it can produce.....before any final show down.........rest posted just now at VFM......do read and pass comments what u feel.
Kkhus
actually the 4 of C cant be sure off coz we can go to 2000 and still be in wave C up which can be a multi month rally ...this area is a bit deceptive ...coz everyone will think there is a bottom in place and we go up a lot higher breaking past 3250 levels.Wave 5 down occurs when everyone is bullish and this wont be wave 5 down if we have to test the bottom also
actually the 4 of C cant be sure off coz we can go to 2000 and still be in wave C up which can be a multi month rally ...this area is a bit deceptive ...coz everyone will think there is a bottom in place and we go up a lot higher breaking past 3250 levels.Wave 5 down occurs when everyone is bullish and this wont be wave 5 down if we have to test the bottom also
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