BSE short term top?

[caldaroEW]

Hi Vinay,

The BSE continues to look toppy, needs hew highs to continue it advance.
Would post a chart here, but don't see any means of doing so.
Those who which to review it use this link:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
third and fourth chart down.
Good luck!

 

[caldaroEW]

Hi Vinay,

Looks like a fairly nasty two days in Bombay.
Nice call on scaling out near the highs.
As you know, I believe this is Major wave 4, with another new high after its completion. That should end the bull market.
A defensive strategy is still warranted until a significant bottom is in place.
Since Major wave 2 was a "zigzag", I'd expect a "flat" to develop around the 10,000 area over the next several weeks.
Good call!

Tony

 

[caldaroEW]

ASIA: Shanghai's SEC remains the strongest major market in the world: +3.5% last week. But it didn't help the NIK/STI which are in downtrends, nor the HSI which is weakening. Bombay's downtrending BSE lost nearly 11% on the week, and Australia's ASX has just completed a 30 month Primary wave III. Overall, the ASX/NIK appear the most vulnerable and the BSE a close second. Longer term all these indices remain bullish.

 

[joy_verma]

Hi Tony,
I was away on vacations while this carnage happened. But this
fall was on expected lines . Thanks for briefing everybody here
on the forum about global markets . It looks global turndown for
the moment.
vinay

 

[caldaroEW]

Hi Vinay,

Hope you enjoyed your vacation.
Nice call getting out the week of the HIGH.
Internationally we're still correcting.
Not seeing this recent high as the top for the BSE.
But I'd just watch until it makes a significant bottom.

tony

 

[caldaroEW]

Asian markets: The ASX/BSE/NIK initially displayed the greatest correction potential. The BSE did drop over 20%, but the other two held on reasonably well and inline with most of the asian markets. During this correction, China's SEC was making new highs. Expecting another pullback shortly to end this correction. After that the BSE should make new highs...

 

[Trader123]

Hey
Was a nice call.. !

 

[caldaroEW]

Hey
Was a nice call.. !

Thank you, appreciate your comments.
When following the world's markets one gets to see what's going to happen in one's own backyard before it does.

 

[caldaroEW]

FOREIGN MARKETS: also looking positive
In addition to our markets displaying positive divergences across the board, so too are the Internationals. Europe's DAX/CAC/MIB and Asia's ASX/BSE/HSI/NIK appear to be trying to bottom as well.

 

[caldaroEW]

BSE looks to be preparing to start heading higher again: to new highs.
It hit support this week at 8800 and held.
Positive divergences formed in the RSI.
MACD/MMI is the most oversold it has been in the entire bull market.
Looking higher from here.
For the charts check "chart link" http://caldaroew.spaces.msn.com/