Also see the red line I have drawn below. Below this, we can see a strong selloff.
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Bull Over or Just a Retrace?
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Ah the billion dollar question..No I dont have an answer now but just some clues...
I was not able to post yesterday as I was moving house..Been damn busy over the weekend...Hopefully things can get back to normal soon :)
The market..All the baby bulls got their heads handed to them...Had some idea this might happen but did not expect it to be so dramatic. Well now the big question is are we starting a new bear move or it this just a retracement in this so called 'new bull market'? I dont know...
I mentioned a few days back that I had some interesting stuff to share. Chart with comments below. Now note this is just a scenario. I dont trade based off of this..Just looking at the bigger picture.
AGAIN just want to stress..Dont pay too much attention to above..Using EWT for trading can be fatal for those who take it at face value..Just use it as a guide.
Looking at the hourly...My main trading system for now.
All in all a bit of a confusing picture...But we should get more clarity in coming days.
Personally, I do think the bears are back though. If I do get another rally, I will use it to reposition myself better.
Will post intraday updates if something interesting comes up.
Best.
10 comments:
Lee
If at all it crosses the resistance areas, what wud be the target??
Rgds
Shanki
3800 minimum I think. Above that, 4000 and 4400. 3250 needs to be crossed and sustained above for this.
one more pattern if i can bring notice to ...not a pattern just an observation...the first week of a series and its ending is inversely related except for months of marc 08 june 08 and oct 08....
i.e whenever there was a good start for series in the first week ,the ending was down and vice versa for all months since jan'08
this maybe due to contrarian buying,sentiment...the 3 exceptions were when there was really bad news in those months...so lets c how this series ends after a big drop..
Lee,
Had we decided not to look at us fut and euro mkts on 1st April ?
Lol..yeah it was a weird session..
Not too sure whats going on..just watching.
I went long yesterday, which is usually a good sign that the market will go bearish.;p
But looking at world mkts, it doesn't look like it will fall anytime soon, Lee. And Nifty is leading them all.
2/4/2009 Gap up opeining of 112 pointson NSE
Good Chance to short Nifty Fut here with Call of 3250-3300
Closing below 3100 will no be good sign for Bulls
i think we shld keep our bearish calls on hold for some time if 3240 is taken out...one after another the resis are being removed...so have to respect the market...and see whether it can cross the final resis at 3240 and reach the 50 ema at 3500 odd..
meanwhile RIL is just zooming ahead...looking for some charts here soon for some support...bears r getting killed :-(
ooooops.... what an explosion we'v seen such thing after long time
Touching 3200 was expected
3220-3240 is resistance area where market failed and it has
Touched the upper BB.
Stochastic buy signal but who will buy ? need to wait and see if NSE can hold 3147-3200 area for next 4 trading sessions
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