Sensex at 8800 within 2007
- Thread starter winstonn
- Start date
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U
Hi,
Logic why we will see an upside
1)Sensex has not keept open a weekly "Gap";
2) Testing Fib retracement = 12464.45.
Tested this level (including to-day) 4 times & never breached conclusively.
Spot Nifty
Has to close above Res = 3734.60, Supp = 3609.60 / 3573.45 SL.
The 2nd Bounce had a greater magnitude than 1st price-wise.
Sensex:
A 5 down impulse wave after the High of 14723.90 ending on 5th March, is the "A" & "B" ended on 3rd March the "C" also ended on 23rd.This movement
from 23rd downwards is yet to be labeled.As with a Gap today ,hence the price tgt for gap has to be achieved to-morrow by going down a little bit & thereafter to fill up Sensex will come up.As today's Support level is broken with a Big Black Candle,i am now becoming skeptical for medium term outlook,
but all depends after filling up the gap whether upward journey continues or not,hence not taking a Bearish outlook uptil now.Another scenario can also happen,before filling the gap Sensex falls further down,more than the projected tgt of Gap,then in Nifty also 3573.45 is breached ,i will definetly be Bearish.Personally relying more on a definite bounce back before any bearish implications.Let us see what happens.
Asish
Logic why we will see an upside
1)Sensex has not keept open a weekly "Gap";
2) Testing Fib retracement = 12464.45.
Tested this level (including to-day) 4 times & never breached conclusively.
Spot Nifty
Has to close above Res = 3734.60, Supp = 3609.60 / 3573.45 SL.
The 2nd Bounce had a greater magnitude than 1st price-wise.
Sensex:
A 5 down impulse wave after the High of 14723.90 ending on 5th March, is the "A" & "B" ended on 3rd March the "C" also ended on 23rd.This movement
from 23rd downwards is yet to be labeled.As with a Gap today ,hence the price tgt for gap has to be achieved to-morrow by going down a little bit & thereafter to fill up Sensex will come up.As today's Support level is broken with a Big Black Candle,i am now becoming skeptical for medium term outlook,
but all depends after filling up the gap whether upward journey continues or not,hence not taking a Bearish outlook uptil now.Another scenario can also happen,before filling the gap Sensex falls further down,more than the projected tgt of Gap,then in Nifty also 3573.45 is breached ,i will definetly be Bearish.Personally relying more on a definite bounce back before any bearish implications.Let us see what happens.
Asish
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