Nifty for 05 Jul 07

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.

It was suggested yesterday that “we may have had a short term top today, or it may happen tomorrow. We could just have a correction till 17 July and then we may see the Nifty making its final hurrah.”

The pattern is still one of correction, and not a final sell off. Let us wait and watch if the market respects the cycle in time of 17 July. Mind you, it is only a projection, and it is not a certainty that we would see a short term bottom on 17 July. The market may move up before that too.

Technically the position still remains … as a suggestion to buy on dips.

Plan your trades and trade happy.