U
Hi,
The (-) ve points
1)In Sensex near the previous Top(10/5/2006) there was a gap at 12659 to 12635
(Double Support,one for the Top,2nd support for the gap,hence Double support)
which is broken & that gap filled up today.
2)Wkly support =12360.00 broken today (this closing fig of 12415.04 is the
weighted avg,all of us ,who were keenly watching intraday charts know this)
3)Fib level of 38.2 = 12463,Closed below it.
4)A gap created in the chart today (a falling window,there are 3 falling
window in last 10 bars,impling Bearish continuation)
5)Including today 6 falling days( excluding the Inner days)
6) As per Thomas Demark Sequence today is 7th day.
7)Nifty Futures (as per Alternate 2 Short Term Wave Count)in 3rd Wave of 5th
down when gapped below 3637.55 today,next Tgt= 3428.45.(2 Gap Down bars in
last 5 trading days,hence 2 falling window fortifies bearishness).
8)Sensex Below 200 EMa = 12538.98
Now the (+)ve points.
1)Nifty Futures (as per Long Term Wave Count is in 4th Wave of 5th Up)
2)Closed above Wkly support of 12360.
3)The weighted Avg Close being more than actual (at post mkt during
Brooker's time many may have squared up of thier shorts)
4)Extremely Over Sold situation.
5)long term support at 3541.08.
All in all Bearish Bias.At the back of my mind there is a tingling feeling
to-morrow it will rise,has to throw it away,& firmly decide If 3540 broken
in cash Nifty ,decisively ,will liquidate all (except Balarampur Chini & Colgate) so as to enter again at 3465 to 3423 only in those stocks,which i have to book temporary loss now.
Asish
The (-) ve points
1)In Sensex near the previous Top(10/5/2006) there was a gap at 12659 to 12635
(Double Support,one for the Top,2nd support for the gap,hence Double support)
which is broken & that gap filled up today.
2)Wkly support =12360.00 broken today (this closing fig of 12415.04 is the
weighted avg,all of us ,who were keenly watching intraday charts know this)
3)Fib level of 38.2 = 12463,Closed below it.
4)A gap created in the chart today (a falling window,there are 3 falling
window in last 10 bars,impling Bearish continuation)
5)Including today 6 falling days( excluding the Inner days)
6) As per Thomas Demark Sequence today is 7th day.
7)Nifty Futures (as per Alternate 2 Short Term Wave Count)in 3rd Wave of 5th
down when gapped below 3637.55 today,next Tgt= 3428.45.(2 Gap Down bars in
last 5 trading days,hence 2 falling window fortifies bearishness).
8)Sensex Below 200 EMa = 12538.98
Now the (+)ve points.
1)Nifty Futures (as per Long Term Wave Count is in 4th Wave of 5th Up)
2)Closed above Wkly support of 12360.
3)The weighted Avg Close being more than actual (at post mkt during
Brooker's time many may have squared up of thier shorts)
4)Extremely Over Sold situation.
5)long term support at 3541.08.
All in all Bearish Bias.At the back of my mind there is a tingling feeling
to-morrow it will rise,has to throw it away,& firmly decide If 3540 broken
in cash Nifty ,decisively ,will liquidate all (except Balarampur Chini & Colgate) so as to enter again at 3465 to 3423 only in those stocks,which i have to book temporary loss now.
Asish