These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.We had pent up energies for two days, and as a result, we see a gap up opening. This was only to be expected. And as with any gap up opening, we could expect some mild profit booking to come along. We could see a small downside correction, which may be utilised to buy in.
The market is still following an orderly pattern. Traders could still keep the low of Monday 30 April, as a stop to protect from losses.
Those among us, who have not bought, could wait for an upside violation of the high of 27 April, and keep an appropriate stop. For traders with a slightly longer term horizon, we could wait for a marginal dip after the expected upside violation of the 27 April high. However, it is my feeling that this could be a last leg up for the market, on an intermediate term. We could see a deep correction towards this month end. The next cluster of cycles in time occurs on 22 May.
As of now, we could expect the market to make an intermediate term high around that time.
Plan and trade happy.
1 comment:
Tx sirji, but if there is a deep correction - any levels below to watch out for ?? r u suggesting 3650 even ??
reg
ketan
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