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 market traded exactly as expected. However, the time frame of a few days, which I had anticipated for the bears to get back in action was wrong. The market seems to be so fast and compressed these days.
I suppose it is because of the plethora of information available on the media as well as the internet.
Anyway, from a technical point of view, we see a short term bullish pattern developing. The previous swing top of ~4935 has been violated. Short term traders could now take buy positions on dips, with a strict trailing stop at 4620. I expect the support to come around the 4770 levels.
If the previous swing bottom of 4620 is broken, then it would mean that the bears are stronger than the bulls, and that the bulls would better stay sidelined till the big boys start buying.
I would still suggest long term traders to keep a watch for the ~4450 levels.
Also please keep in mind, that the whole of this month is expected to be violently volatile.
Trade happy after planning your trade.
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