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.The chart of today suggests a consolidation pattern. According to our example of the bullish setup, this could be a perfect example. However, if you want my frank opinion, this could be a manipulation of the Index stocks to allow the sentiment to rise, and then offload non-Index stocks.
As was suggested earlier, we have seen a significant bottom on Tuesday. And from the chart it shows that there was resistance on a rising trendline. As a thumb rule, if we see support on a rising trendline, and another resistance on another rising trendline, we could expect that the short term trend is up.
For extremely active traders, the shorting opportunities could arrive within a couple of days. We were expecting a bounce and in fact, we did see a bounce back. Further, I had suggested earlier that we could have a change in trend on 9 March. It was expected that this date would allow us to have a major top. Now it seems that an uptrend could last till 9 March, and then it could make a significant top on that date.
This is my probable assessment. Trade it how you are comfortable. Always remember, trade happy.
5 comments:
sirji, the bear in me is still skeptical ! what to do !
reg
ketan
Caution : Nifty up 150 pts ! sensex 500 ! Bear in me got butchered again HAHA !!
But will short again tomorrow, as suggested (9 march!!)
WHY DID I NOT READ UR FINE PRINT !! WHY WHY WHY !!
reg
ketan
Sirji, since 27 feb, u had mentioned 9th march as the date of trend change.
Today u have mentioned that mkts will rise till 9th and thereafter fall, giving shorting opportunities.
Sir could u also explain how u got 9 march level - i tried fibo time zones since 11 may crash, but it comes around 9 april not march. Also ur charts dont show time extensions till 9 march.
Whatever it is, i will read what u write for 9 march v carefully this time !
weeping teddy bear
ketan
9th March 2007 is 30 degree from the top 4245 made on 8th February 2007.
Anonymous.
30 degree with a reverse / inverted gann fann ??
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