Today/tomorrow, if we hold above 5000, we might stage a small bounce from there. If however we lose the 4950-5000 range, then like I said before, we will get to 4800/4750 in a jiffy.
I am still short from 5160(mentioned few days back)..added on the bounce yesterday..Today tomorrow I will watch to see if we can hold support..I might close most of the shorts if so.
There was a comment from Nagendra on how low we might go into Nov low and how high/timeframe after that - I want to be clear on this - Hurst defines the timeframes clearly. Targets we get hints on how far it might go..In this case, I have a target of 4500 on Nifty by November mid. I think even 4250-4300 is possible. Can we see below that? Its possible but for me the absolute worst target is 3800/3600 range. Not lower than that.
After the low, then what? Too early to say. But I would suggest you to read my earlier 2-3 posts below..There are lots of important information in there..Some stuff will give you clues on what to expect. Crests will be always translated - Since the next 80 week cycle will be bullish, you can expect a right translation. Read my posts from before to understand more on what I am saying here.
I will post the cycles chart in a few days. Not much change in what I posted before.
We are likely topping the first 5 week cycle in the last 20 week cycle of this bearish 80 week cycle. Its bearish all the way apart from small bounces. Sell the rallies and cover/take profits on the panic dips.
Take a look at CNX IT and S&P CNX 500 normal charts for how bearish it looks..IT index shows a breakout of an Head and Shoulders and even target achieved! Anyone trade this? :)
CNX 500 on the other hand shows a clear breakdown as well over past 2 weeks..Target is more than 20% lower! Check it out...
Best,
Lee
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