Correction...The Bigger Picture

The bigger picture on the past 6 months correction. I know there are other possible and more bullish alternates but I prefer this one until I see evidence disproving this. All my comments are on the chart - Open in a new window to view.

EWT can be confusing to newbies but I will be happy to explain in case anyone has any questions.

Best.

Market Update - Some possible outlines

Nifty chart updated and attached...I have outlined 2 possible moves that I see possible over next few days...We are still in a corrective bounce aka a bear market rally...We went up to the 50% retracement area approx 4500 and then corrected 50% of THAT advance to the recent lows made in the past couple of days...So far so good...

Next what can happen is defined...This is a B wave...So we should go up again and resist somewhere above...Either at the downtrend channel boundary or we should go above and stop at the 61.8% retrace of 4720...Either way in my opinion upside is limited in the short term...I will be looking to disinvest all of my holding over the next few days to 1 week...

Trade safe...When this rise gets done, I expect some strong and extreme carnage to happen again.

Very short term - We are bullish.

Medium term - We should turn bearish again.

Anyone have questions? - Please post in the comments section or on the chatbox.

Best.