I thinks its price that rules the market not chart as of now all chartist of all business chhannels in india are in bullish mood then just guess how the market will perform?
Sarveshk,
You are right ... price rules the market. Dow Theory's first law is "Price discounts everything." And Dow Theory is the base on which the entire science (art?) of Technical Analysis is built. Chartists are not soothsayers ... they look at various aspects of the price movement to try and find the probability of how the market will behave.
Contrary to what you think, Technical Analysts are a small minority among investors, traders, and speculators. They do not decide the course of the market.
I am a learning analyst and I make more than my share of mistakes. My reasons for starting this thread are more to get comments on the correctness of the logic I follow so that my learning process may benefit. I neither give tips nor ask for them. That is why I attach a chart to illustrate my line of thought.
I would be grateful if Traderji members read and respond to my thread in context of the reasons given above. If members feel that this thread is not really worth their time, it will die a natural death as has happened in other cases.
Regards
Kuldeep