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Monday, October 31, 2011

Bottom Line

Likely the 80 week low has already been seen price wise. This was on Oct 4th. So the next 5 week low is expected to come in around this week Friday or next week Monday/Tuesday. So shorts should not be taken beyond that and buys are going to be more profitable...Buying the dips that is. Shorts taken yesterday can be covered today and retaken at higher levels or managed with some sort of trailing stoploss. But I still think the big money is to be made on the long side buying the dips into the next 5 week low.

Charts posted yesterday are still valid.

Best,
Lee
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3 comments:

jonak said...

so u believe that we are breaking the trend line and going higher from here...after the 5 week low sets in ...???

October 31, 2011 at 9:31 PM
vamsi said...

Thanks for the update. Covered 80%of my shorts at at 5270/80 levels at a loss. Will wait before taking fresh positions.

November 1, 2011 at 12:20 AM
kaps said...

Yur 80 week low based on hurst may be is delayed by few weeks(4-5). Nifty is likely to bounce in next few days and if it does not make daily close above 5500 in that bounce,Nifty will likely go below 4700(breach by 100-200 points) levels around 1st week of December.

November 1, 2011 at 6:20 AM

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