Tuesday, August 11, 2009

Begining of a major correction???


Prices fall below 15000 making it imperative to adopt our alternate view as preferred
We can see RSI is very weak, it failed to even cross above 65 mark
As shown in previous blogs we have negative divergences in many of the indicators
Our first target on downside is 14200 where wave (1 or a) = wave (3 or c)


The alternate wave count treats this as an Expanded flat correction but the short term trend still remains down
If prices move back above 16000 we will review

Short Reliance at current price but with Strict stop loss of 2100. First target is 1880.

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