hello frds,
i dont hv much TA knowledge, so want the expert's opinion on this,
the indices seem to hv completed the downward cycle & r now looking all set to retrace the highs posted earlier this year.
the reason i believe this is that,
after the highs of 6300+ it posted in jan, 08, the nifty made a bottom of 3789in july. which is pretty much the same level it fell from in may, 06.
a previos high, is now low.
n since those levels we have seen near rebound of 800 pts (considering 2day's high), during this it has crossed some of the highs it previously made during this downward movement.
is it indicative of upward move start?
shed some light?
i dont hv much TA knowledge, so want the expert's opinion on this,
the indices seem to hv completed the downward cycle & r now looking all set to retrace the highs posted earlier this year.
the reason i believe this is that,
after the highs of 6300+ it posted in jan, 08, the nifty made a bottom of 3789in july. which is pretty much the same level it fell from in may, 06.
a previos high, is now low.
n since those levels we have seen near rebound of 800 pts (considering 2day's high), during this it has crossed some of the highs it previously made during this downward movement.
is it indicative of upward move start?
shed some light?