Dear all,
Updates on 24/05/2009
Last time I gave two different presentations and gave a view that if we cross 12650, we should consider that we are on B wave which retraces entire downmove from 21206 to 7697 by 50%.
The targets were also given as 13070/14600 and 16200 (Approximately)
We have already seen 50% target at 14930 (crossed 14650 but didn't close for 3 days above it)
Currently we are reversing and that could be it's major subwave called "b" wave. (Bb)
It has three waves, a, b and c and we have already seen a part of "a" wave to 13750 or so.
Currently we may be on a small upwave within a downwave. The downwave
may last for 2 to 4 weeks. (Roughly)
We may stop at either
1 12315
2 11500
3 10700
Basically it is an intermediate opportuntiy to BUY.
But beware, the next upmove called B-c may not allow most of us to sell. Sentiments would grip the MIND. Remember my words please.
Alternatively we may go higher right now, re-test 14600 again , go bit further up to 15300/15700 and then after fall to one of these above levels.
Once we complete the downmove, we may not only re-test 14600/14930 but
also march on to see 16200. There is a slim chance to see even close to 18000 (17800/17900 band)as a 76.8% ratio.
If we touch 10700, I strongly believe that one must take opportunity not to build a ST potfolio but also look for an opportunity to build a LT one.
Basically market is still very much a "BUY ON DECLINES".
======================================================
Please understand that all forecasts can go wrong so make take your own decision.
Best wishes,
Spandan Joshi
The targets were also given as 13070/14600 and 16200 (Approximately)
We have already seen 50% target at 14930 (crossed 14650 but didn't close for 3 days above it)
Currently we are reversing and that could be it's major subwave called "b" wave. (Bb)
It has three waves, a, b and c and we have already seen a part of "a" wave to 13750 or so.
Currently we may be on a small upwave within a downwave. The downwave
may last for 2 to 4 weeks. (Roughly)
We may stop at either
1 12315
2 11500
3 10700
Basically it is an intermediate opportuntiy to BUY.
But beware, the next upmove called B-c may not allow most of us to sell. Sentiments would grip the MIND. Remember my words please.
Alternatively we may go higher right now, re-test 14600 again , go bit further up to 15300/15700 and then after fall to one of these above levels.
Once we complete the downmove, we may not only re-test 14600/14930 but
also march on to see 16200. There is a slim chance to see even close to 18000 (17800/17900 band)as a 76.8% ratio.
If we touch 10700, I strongly believe that one must take opportunity not to build a ST potfolio but also look for an opportunity to build a LT one.
Basically market is still very much a "BUY ON DECLINES".
======================================================
Please understand that all forecasts can go wrong so make take your own decision.
Best wishes,
Spandan Joshi
