Again we seem to be at a very critical junture in our market...Open below chart in a new window to see what I am talking about. This can be a valid count but we obviously need more information before taking a sure call on the market direction...The low that will be set today should be very important I think....Trade safe.
The other thing is the possibility of another potential island reversal forming..because of the earlier huge gap up and a similar gap down today can together create a island similar to the one we had a few months back.
Wednesday, July 23, 2008
What a week...Bear market rallies are quick and furious and will rip out the frigging lips of all the bears...lol...What next?...I have posted this here several times and its very clear what its indicating so am not going to write anything more on this chart...
So what next...?...I see a decent pull back over the next few days to 1 week...We will look at the nature of this pullback to look at opportunites to add longs...At this point I am only seeing this as a bear market rally but it is a rally nevertheless...its not over yet...and can be profitted from...Which is why I cannot understand the die hard bears still calling for 3600...We also had several TV analyst dumbos calling for 3000 and lower on nifty...They got their heads handed to them on a platter...which is why I am totally against following the TV analysts..lol