Friends
today we have tested 16632. it is a monthly resistance if we look at monthly chart of last 2 yrs. in 6/2008 16632 was high.
it is close to 61.8% to retracement level of fall from 21206 to 7697
PE of sensex is at 22 which is a historical resistance for sensex in normal years except bubble years like 1992/2000/2008.
if we sustain above this zone of 16632 for 3 days then we shd think any bullish direction otherwise we can see correction from here.
vivek patil has been referring 7 legged wave structure with apprx target of 16700(G wave) and time target of this move was maxm upto today.
be cautious here in taking any long positions.
Pankaj Shah
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