Wednesday, March 3, 2010

Wave 2 continues during Budget session!


Time cycles were suggesting a bottom in early week of March and rally in form of wave 2 / B but it looks prices formed a bottom 2 weeks earlier
Time cycles sometimes work pretty accurately and a few times it can be deceptive and keeps us guessing. But it always provide a way of caution at times when Mr. Market is not moving as expected
Budget Euphoria: The first one hour of Budget did not produce much movement in Sensex and everyone thought Union Budget will be a non event as Railway Budget
When maximum number of traders become complacent, Mr. Market has a tendency to take them by surprise and that exactly what happened. Prices started moving up very fast during the last 30 mins of Budget
There was no major announcement that would have caused a spike up but please be aware that news does not drive markets, prices can sometime behave as per news but will surely resume the major trend sooner than later
A move below 16000 - 16150 would confirm start of wave 3 till then sit and relax for wave 2 to get over!

1 comment:

  1. nice analysis!!
    Thank you.

    ...(I'd be pleased if you exchange reciprocal link with me.)