Fractal Complete - Or close enough for goverment work! :)

Hello Friends and Faithful followers of this Blog,

Almost a month back I posted this message here -

http://theindianmarketblog.blogspot.com/2008/09/fractal-theory-building-case-for-next.html

and here - http://www.vfmdirect.com/forums/show.cgi?topicid=1221160847

Please review above messages/posts before you read this below.

The message said that based on fractals that we were going to have the next leg hard down. Nifty was at around 4300 at the time...Now at 3200...

Booked all shorts b/w 3500 and 3200...Some early...Some late...Overall a fantastic trade - The best I have ever done...Even I was amazed at how the whole thing played to the dot.

Now see the latest chart posted above. Nifty log. 
I have also added some comments on the chart.

To me it looks like the risk-reward has shifted to the long side and we should buy the dips going forward...We might get a retest of the lows in order to complete the wave structure but its not necessary. 

I bought heavily yesterday at around 3200...If you did not buy, dont worry, good chance we will retest the lows again...Else just buy the dips...The move up could be fast and furious..but should be profitable nevertheless...

One thing to note here - something I have always said...Dont use insane leverage...You will be wiped out...Trade safe..

Now wave structure I am not sure...If we have completed the BIG wave A down and the corrective multimonth B wave rally is going to start? OR if we have one more downleg in a month or so to complete the big A wave...

Maybe in a later post, if all are interested, I will post a couple of EW possibilities with charts. This fractal call turned out to be pure GOLD for me...And hope some others also benefitted...The whole time this was running, you just had to look at the charts I had posted earlier and note the pure symmetry of the both the waves...Its really a thing of great beauty :)

Trade Safe.

Best.

Buy!

Today may bring a 10% circuit down or maybe even more....I will be buying agressively today...Just a quick update...Not going to advice everyone to buy as more pain can come but odds are that decline completes today and we embark on a multimonth rally...As I have been saying in past posts...Buying without leverage...Or very small leverage will be safe..And add as we go up only...Today 3350, 3200 and 3150 is important...Below this 2960-3000 range. I dont expect below this...

Trade Safe..

Best.

Market Update

A quick one chart update from my side on where I think we are and where we are going...

First refer my fractal post made almost a month back -

http://theindianmarketblog.blogspot.com/2008/09/fractal-theory-building-case-for-next.html

And here my latest updates and thoughts on this chart...A follow up to above post...

Interesting times we are living in...

I will post a more detailed analysis tomorrow after watching todays action.

EDIT: Just to be clear here - I expect 4-5 days of upmove starting today maybe to the 4000 area and from there we should come back down to test the 3500-3600 area again...Possibly up to the 3300-3200 area BUT this will be a fantastic opportunity to buy some longer term positions...I will post follow ups tomorrow and also in a few days...

For now covered all shorts and flipped long...Very short term trade ONLY.

Best.