Sensex: 5 mins
The first chart is a daily chart of Sensex and the below chart is a 5 min chart. The movement in Sensex yesterday (seen on 5 min chart) resembles a close pattern with that of movement on daily chart of Sensex from mid July till 22nd October (highlighted).
This is a classic example of markets exhibiting fractals at various time frames!
The fall after completion of pattern on daily chart was steep and we can expect the same now!
Becareful: Yesterday's rally looks to be a "sucker rally" in form of wave B. It can be very choppy but markets are moving very fast as we are constantly saying and wants to complete the minor upward correction as soon as possible to resume their downward journey.
We will review our negative bias if Sensex moves above 16450!
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