market has taken support near low open level of 18/05/09. it was 13479.i had mentioned abt this pattern in mail
http://pankaj564.blogspot.com/2009/05/watch-lvls-of-1347913300.html . more over i had posted trendline chart yesterday.there also support was coming around 13500. with help of positive world mkts we have bounced today .we corrected by 1412 points from top of 14931. 50% and 61.8% retracement lvls come at 14225/14392 respectively.today's high was 14123.
if we cross14392 also and move ahead then we can assume that this upmove started from 8047 is not completed and we will cross
14931 and we can end 5th and final sub wave of 5th sub wave of move started from 8047 in coming days. we can see strong resistance at 14931/15107/15580 and 16000.
if we revrse from any of the retracement lvls mentioned above 14225/14392 then we can see further weakness and correction taking us below 13500 .
