Wednesday, February 10, 2010

Selloff continues!


Sensex is exhibiting very weak structure
One of the probable counts show 1-2, 1-2 formation. If this count is valid prices shall now move down very fast in next couple of days
The other plausible count is that 5th wave of A is extended
Either which ways the intermediate trend is clearly down and very shallow pullbacks suggest very weak internal structure
As we said in our previous blog, Metals are going to be worse performers - BSEMetal index has moved down substantially since then. If market cracks from here expect drastic move down in this space
If price reverses from here and rallies, 16500 should offer excellent opportunity for shorting!

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