looking at today's market i feel there is a good probability that we might have completed 5th wave on 6/05/09 at 12272/3717.
we have broken 11899 which lvl i was considering as first warning.
gann turning days were from 4/5/09 to 7/05/09 with high and low of 12272/11635. so even by that count if we break 11635 that will also lead towards coorection.
more over there was a gap at 11430-11635 on 4/05/09 that will be a support. more over in candle stic chart also we will be getting support around 11500.
if we look at weekly charts we have a gap 11492-11635. if we open gap down on monday below 11635 it will be a perfect island reversal, a bearish signal.
let us c. what happens next week.
we have broken 11899 which lvl i was considering as first warning.
gann turning days were from 4/5/09 to 7/05/09 with high and low of 12272/11635. so even by that count if we break 11635 that will also lead towards coorection.
more over there was a gap at 11430-11635 on 4/05/09 that will be a support. more over in candle stic chart also we will be getting support around 11500.
if we look at weekly charts we have a gap 11492-11635. if we open gap down on monday below 11635 it will be a perfect island reversal, a bearish signal.
let us c. what happens next week.
Pankaj Shah
you are right pankaj ji.but avoid short at present.next week will be very crusial.Avoid fresh buying.june 2009 is very bullish.
ReplyDeletethanks with best regard
Ashok mahajan
i have not advised to short. its a warning signal.shorting signal will come on break of trendline not before that. otherwise if we take support on trend line, we can bounce also for few days.
ReplyDeleteNice to see your writings in the blog Pankaj Ji.Keep it up & Thanks for your Hard work&Time
ReplyDeletekprgroup
thanks Kprgroup
ReplyDelete