on breaking out from sideways consolidation market was on fire and as expected euphoric moves r seen more in large caps today, to be followed in mid caps.
now we are very close to upper zone of 11600-12500 target given.
what next ;
we have again created a gap today at 11430-11635. we have crossed resistance of 11870, prev weekly top.next higher weekly top comes at 12285 to give resistance.
now today's gap will act as strong support 11430-11635. violation of it will confirm completion of this upmove.
we are very close to a gap unfilled in first week of oct 2008. it was at 12285-12473.
use rallies to generate cash or trade with strict stop losses.
we are having gann turning dates from 4/05/2009 to 7/05/2009.
keep watch on high n lows of this period.
Pankaj Shah
stocks to watch :
tata stl, sail, sesa goa,cesc,tornt power
Monday, May 4, 2009
SPANDAN WAVE COUNTS
Dr Spandan joshi, is a good friend of mine and elliot analyst. he has been updating wave counts sucessfully since we have corrected from 21206. i attach herewith his last updates.i will try my best to update his views regularly.
Dear all,
Fresh Updates and analysis on 29/04/2009 ======================================= I wrote as follows 2 weeks ago on 13th April. =================================================
As I said before we may have seen C5 failure. It looks more likely that it departed at 8047.
Hence we shall be on a larger B wave. We have also discussed that as an "Multi-month up move" almost 3 months ago. We also said that it will even change the sentiments and people may forget the bear run for time being.
Alternative wave count indicates that we could be on C4. (In that case, we are about to tumble heavily from 11640 and around after one moderate dip in between)
Update: We did see a moderate dip from 11375 to 10720 ==========================================================
Contd.
Both C4 and B are up going and hence offer some help.
Targets for C4 can be ========================
10692 11638 12583
We have already seen 10692 and we are approaching 11638. In fact we have seen 11512.
I have not seen sensex going to 50%+ without breaking down for a major correction in between. I expect a same event to happen to sensex any time soon from either 11638 or 11812. This can be a decisive movement.
I.e. Selling is strongly recommended. Even if we go to 12583 which is 61.8% of retracement, one must remain sidelined. Buying can be banned.
I would not like to discuss alternative scenario now as it is not probably relevant to us.
Correction can take us to 9750/9900 or so. We shall discuss strategy when it comes.
Best wishes
Spandan Joshi
Dear all,
Fresh Updates and analysis on 29/04/2009 ======================================= I wrote as follows 2 weeks ago on 13th April. =================================================
As I said before we may have seen C5 failure. It looks more likely that it departed at 8047.
Hence we shall be on a larger B wave. We have also discussed that as an "Multi-month up move" almost 3 months ago. We also said that it will even change the sentiments and people may forget the bear run for time being.
Alternative wave count indicates that we could be on C4. (In that case, we are about to tumble heavily from 11640 and around after one moderate dip in between)
Update: We did see a moderate dip from 11375 to 10720 ==========================================================
Contd.
Both C4 and B are up going and hence offer some help.
Targets for C4 can be ========================
10692 11638 12583
We have already seen 10692 and we are approaching 11638. In fact we have seen 11512.
I have not seen sensex going to 50%+ without breaking down for a major correction in between. I expect a same event to happen to sensex any time soon from either 11638 or 11812. This can be a decisive movement.
I.e. Selling is strongly recommended. Even if we go to 12583 which is 61.8% of retracement, one must remain sidelined. Buying can be banned.
I would not like to discuss alternative scenario now as it is not probably relevant to us.
Correction can take us to 9750/9900 or so. We shall discuss strategy when it comes.
Best wishes
Spandan Joshi
GANN TURNING DAYS
4/5/09 to 7/05/09 are gann turning days. watch high and lows for these days.
stocks to watch today
L n T
Fintech
Pankaj Shah
stocks to watch today
L n T
Fintech
Pankaj Shah
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