Tuesday, September 8, 2009

Sensex 2009 new high!


Sensex made a new high today but the elliott pattern is not very clear. It is more corrective than impulsive. Sensex still looks to be in a complex mode
Today's new high asks for cover of any short positions and wait for the pattern to become clearer
If prices start moving up impulsively from here on we will need to adopt an alternate count. Lets give this negative view more 2 days to prove its validity.
A break of upward sloping trendline from March low onwards will be a good opportunity to short

Hindalco looks still in a consolidation mode with no clear direction of breakout
Volumes are drying up everyday
Prices are very near to upper boundary and a break above the trendline with large volumes is what we should look for to cover any short positions
We are expecting a clear direction before end of this week
If price is able to move past 112 mark and stays there please cover your shorts

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