as per my mails dated 18/7 and 25/7 we are very close to 16k zone, 61.8% retracement level of total fall from 21206 to 7697.
more over as i had discussed in last mail this is a weaker rally like jan2008 top (negative divergence). we are very close to resistance zone in rsi trendline as shown in chart.
more over as per expectation mid caps and small caps are outperforming large caps.
gann turning dates are from 3/08/09 to 7/08/09, observe high and lows during this period for further direction.
as i had compared current moves with jan 2008 top moves, vivek patil has compared similar moves with labelling waves as
a-b-c-d-e-f-g. so according to him we may be very close to end of upmoving "e" and we can see downward " f " to be followed by upward move " g ".so for long positions we have to keep strict stop losses . book profits and generate cash to utilise in correction.
more over as i had discussed in last mail this is a weaker rally like jan2008 top (negative divergence). we are very close to resistance zone in rsi trendline as shown in chart.
more over as per expectation mid caps and small caps are outperforming large caps.
gann turning dates are from 3/08/09 to 7/08/09, observe high and lows during this period for further direction.
as i had compared current moves with jan 2008 top moves, vivek patil has compared similar moves with labelling waves as
a-b-c-d-e-f-g. so according to him we may be very close to end of upmoving "e" and we can see downward " f " to be followed by upward move " g ".so for long positions we have to keep strict stop losses . book profits and generate cash to utilise in correction.
