on 3.11.09 we had shown in chart that we can see a strong bounce from here and market has bounced by 1186 points so far.
what next ?
i have shown 2 more charts.
in 5 day chart i have shown small sub wave counts of upmove from 15331 to 16517 which follows fibo nos accurately.more over -ve divergence is also seen there. of course correction in prices is to be seen yet.
in a weekly chart we have reached today at critical resistance as shown in weekly charts.
so it is time to be cautious in long positions taken at lower levels.61.8% resistance level is at 16667 very close to prev low level of 16606.
Pankaj Shah
