BSE short term top?

[joy_verma]

Hi Tony,
I also could not figure how Amit reached 11660. I think 61.8% level
(11578) is very near and 78.6% level (11733) is next (as I use simple
fibs) is next. I am of the opinion that a severe fall is out of question
as the fall from 11931 is a Zigzag and at the most even if we presume
that this corection is not over, I see a flat developing which should
Take us nearer to recent low. But my most likely view is that of an
impulsive rise to above previous top. I agree fully with you that we
we got extremely extended. Anyhow even if my prefferred count play
out, index will be tracing 4,5,4,5 termial waves and risk reward is
clearly in favour of risk . But who knows? Market has uncanny ability
to surprise traders. we can only explore probabilities.
Regards,
vinay

 

[amitt29]

I am sorry i misread my resultant,it stands at 11740.
Very Sorry.BTW on the downside do you ppl agree upon 11357.
Regards.

 

[caldaroEW]

GM

I posted this on my BSE chart this evening (NYC).

The parameters are set:
Above 12102 the rally continues
Below 11008 the correction begins

Quite a large range, maybe it will narrow soon.

good trading!

 

[caldaroEW]

Hi!

Looks like the BSE wants to go higher in this incredible advance.
13,000 looks like a possibility now
Good trading!

tony

 

[joy_verma]

hi Tony,
yeah tony, we have already hit 12288 high. But as you know this
is the last wave up from 7556 level. so caution has to be excercised
at these levels.
Regards,
vinay

 

[caldaroEW]

Hi Vinay,

How are you doing?
Yes, totally agree. It is the last wave up from October, not time to be getting long. Time to be scaling out.

We're running into trouble here also. The NAZ/NDX have turned down. Looks as though many of the worlds markets will be correcting together. Could get pretty nasty.

Take care!
tony

 

[joy_verma]

tony I am fine. It seems you are omnipresent. I can find you all over the
web. Read a spat B/w you and Wally. You are 100% correct it is the analyst
whose judgement is right or wrong and we should not blame the theory.
Afterall , one cannot be correct all the times. there may be times when, we
have an error of judgement. The only thing we can do at such a time is to
side step and relook what has gone wrong with us. And how are you doing
in your sports(derby) ?
best of luck,
vinay

 

[caldaroEW]

Hi Vinay,

Yes, joined a few new sites lately. The markets here are quiet.
Of course, no one is perfect. We all make mistakes.
The Derby is saturday. I like Barbaro (portugese for barbarian).
Glad ur doing fine!
tony

 

[caldaroEW]

Hi Vinay,

Barbaro won by 6 lengths, in a romp. His breeder also won the 2,000 Guineas of the weekend in England. What a saturday for them!

The Sensex still looks higher from here. Bit it's dangerously overextended. When a correction does take hold it could be very sharp and quick. Maybe a quick selloff, followed by a bounce, and then a retest (flat).

 

[joy_verma]

hi tony
congrats!
On hourly sensex looks like preparing to go up in wave
(iii) of this fifth. I am preparing to cut my positions this week.
thanks for input,
Regards,
vinay