| Sensex broke down out of wedge as predicted but we were expecting prices to reach atleast start of the wedge near 17400 levels but prices moved down only in 3 wave structure indicating the intermediate trend is still "UP" |
| Prices made a low near 17820 and turned back up during mid week, a 23.6% retracement level of the rally from 16000 again proves importance of this Fibo level in Indian markets. Failure of price to retrace even 38.2% suggests that the final wave 5 of the entire rally since October 2008 is still ongoing and we probably completed only wave [i] of wave 5. |
| This scenario calls for some substantial up movement to come in next week in form of wave [iii] of 5 |
| It will be interesting to see how prices move next week and whether up move is met with additional selling pressure or is it a smooth journey. |
| Advance decline ratio also improved substantially in second half of the week |
| Expect some good movement on UPSIDE in coming week and move above 18450 will provide further positive confirmation! |
Could be the alternate for me. I m seeing this as an irregular correction.
ReplyDelete+1 as nifty reaches weekly channel top
-1 as Reliance started participating in up move..