Sensex at 10K : are we ready ?

#3
:)
Agilent said:
Hi all

Are we all ready... thie horses are on the home stretch now, and nothing can stop 10 K

See link ..http://finance.yahoo.com/q/bc?s=%5EBSESN&t=5d&l=on&z=l&q=l&c= the opening gaps in last 2 sessions suggest we could get there early next week !

Cheers !
Hi agilent..

U may well be right...the markets are aiming for the 10k mark..

This is the best time with the PRE BUDGET rally setting in now..

If the budget comes out with the right economic steps u may well see a lasting rally rather than a just a blast...

though reaching 10k early next week seems a optimistic thought...

Cheers
ML
 
#4
It is really nice that market is moving towards 10K.
But, broad based participation of stocks (other than sensex heavy weights) should be there. What yesterday (25.1.2006) is disturbing. Index is dragged by these heavy wieghts & except colgate, few others - rest all stocks fell heavily...
Is the operators (I don't know who are they) are trying to distribute their holdings to small investors by dragging index to 10K?
Forecasting the future years earnings of stocks is how much practical? I always felt it as a bubble on water.
Considering Indian political problems & poor implementation of administrations are we really progressing?
There are lot of questions which remains ????
Conclusion is whether market is 10K or 20K, it is immaterial. Thinking should be whether you earn money from a stock or not?
 
#5
CMAK, you are 'spot on' in spotting the negative market breadth in yesterday's trading.... declines outnumbered advances..so the sensex spurt could have been misleading

But still , I believe 10K will be breached within a week or two !

For our expert chartists , here is some food for thought : Textbooks list 7 kinds of reversal patterns :1. Head & Shoulder, 2.Multiple or Complex H&S, 3.Rounding Turns, 4. Symmetrical Triangle, 5. Right Angle Triangle, 6. Rectangle, and 7 Double or Triple Tops /Bottoms

May I call upon them (expert chartists on this forum) to offer their opinions on whether they can spot the formation (even initial stages) of any of these reversal patterns, maybe an H&S, of which the left Shoulder could have been made in early Jan (see http://finance.yahoo.com/q/bc?s=%5EBSESN&t=6m&l=off&z=l&q=b&c= )

I am not an expert, so I do not know for sure...

Well, if it IS a slow reversal in the making, then we all better watch out

Meanwhile, keep booking those profits !
 
#6
Dear Traderji ( and other senior members)

Considering that you started a thread on Head & Shoulders (H&S) recently, giving the theoretical concepts behind this important reversal pattern, perhaps you can give your views on the issue I have raised viz. are we witnessing the start of an H&S reversal (see Sensex link http://finance.yahoo.com/q/bc?s=%5EBSESN&t=6m&l=off&z=l&q=b&c=
)

Unfortunately Volume stats are not available in this chart, but still...

Many thanks in advance
AGILENT
 
#7
One step closer...

Now all that remains to be seen is : whether 10K will be a signal for more sellers than buyers , or the other way around.

Speaking for myself, I'm just waiting to book profits then as a short term correction is getting overdue (maybe even a slow H&S in the making).

Experts .... I beseech you to offer your considered opinions. Thanks

Happy 10 K'aying' on Monday or Tuesday !:D


AGILENT
 
#8
OK since no one is willing to stick his/her neck out and opine whether we have an H&S in early formative stages, let me make one last attempt:

pl see link which makes the issue / question more easy to understand


Will really be pleased to have some expert (or other, simple common-sensical) opinions:cool:

Thanks
AGILENT
 

AMITBE

Well-Known Member
#9
Agilent said:
OK since no one is willing to stick his/her neck out and opine whether we have an H&S in early formative stages, let me make one last attempt:

pl see link which makes the issue / question more easy to understand


Will really be pleased to have some expert (or other, simple common-sensical) opinions:cool:

Thanks
AGILENT
Hi Agilent...I'm not sure if this is a common-sensical view, but in every other formation in every other steadily ascending stock or index, an illusory or ostensible h&s is always in the making. A peak resistance is hit followed by a low normally higher than a previous low, then up again past the previous high...and so on. The previous high may appear as the left shoulder, the low a neckline, the next high as the head and on and on. When the long term trend is distictly to the up, there is no point in trying to find reversal patterns under every rock, so to speak. A h&s is distictive and can spread out over a period of time especially where the long term trend is to the up. Also, volume dynamics come into play too.
I for one have not been able to clearly perceive a h&s as yet. It's too early to say anything on this.
Thanks.
 
#10
Thanks AMITBE. that was well thought out, and makes sense.

So we may NOT be seeing a H&S unfolding as yet. But I still feel we are not too far from a major reversal of this multi-year bull run.To substantiate, see link, where I have given some reasons for this view.

http://www.traderji.com/showpost.php?p=31529&postcount=28

Lets have some other views please...after all. next week may turn out to be perhaps the most eventful for most of us in our investing careers !!:D
 

Similar threads

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?