I give you here some retracement data since we made top of 21206 in jan 2008
first pull back after fall from 21206 to 15332 was up to 18835 61%
second pull back after fall from 18835 to 14677 was up to 17735 47%
third pull back after fall from 17735 to 12514 was upto 15580 59%
fourth pull back after fall from 15580 to 7697 is upto 12272 so far 58%
we are up by 59% from bottom of 7697.
we have faced sell off from this area twice, first on 6/5/09 and today again we faced sell off.
market will show strength only on crossing this strong resistance zone.
election results will be out on 16/05/09.
keep range of 11600-12272 in mind, on breaking 11600 we can see correction of whole upmove.
Pankaj Shah
