BSE SENSEX - Trendline still not broken on daily log chart

market has corrected as per expectation.today we have broken 14526 on intraday basis and we have closed at 14523, very  close to it.today's low was 14447 well below 14526. technically trend is reversed bcz we have seen lower bottom than 14526 which can take us for bigger correction ranging from 13700 to 12500 zone.

 

as per vivek patil's last weekly analysis there is a chance of very fast correction. irepduce from his report.:

 

 The assumed wave-structure for the rally (i.e. inside "B" leg),
has been shown on the Daily as well as 30-minute charts. The structure
post election-results shows a bearish Diagonal Triangle (also called a
Terminal) shape so far. Daily chart shows a bigger one, while 30-
minute chart shows it for the "c" leg only.

      That shape is created due to reducing magnitude and slow speed
of subsequent rallies. Indeed, the "c" leg has taken 161.8% time
compared to the time taken by "a" and "b" put together. (13 days
against 3+5=8, all of them being Fibonacci numbers). Price-wise, "c"
has so far achieved only 61.8% of "a".

      Within the "c" leg, one can see a probable 1st Extension
Terminal as marked on the 30-minute chart. Inside this, 3rd was
exactly 61.8% of 1st. The Sensex may have completed 4th and 5th of the
Terminal already at last Friday's high near our target level of 15580,
OR is completing its 4th, as marked.

      Confirmation would require a drop below last week's low of 14526
in faster time.

      While we watch for completion of Terminal and its confirmation,
the implication of this pattern could be a fall below 13519 within 50%
time consumed by "c" (50% of 13 = 7).

      Remember, this bearish possibility is only a suspicion at this
juncture.

      My current assumption of Extracting Triangle would be bearish,
but avoid fall below 13519 in 50% time. "d" of Extracting is usually a
slower and complex affair though it should become bigger than 1412
points (magnitude of "b") to confirm the extraction.

      Bullish options can remain open only if the Sensex avoids
closing below 14526. That could convert the current configuration into
another Diametric as marked on the Daily Chart above.

      While the market is deciding its next move at this crucial
juncture near 15580, based on the probabilities discussed, Investors
need to take a call not forgetting these bearish options discussed.
The only positive hope would be provided by a sustainable move above
15580.

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i have attached two charts on log scale for total uptrend from march onwards.i tried on yahoo charts and put chart for same but it is not updated for today's move. attached another chart sent by Vipul Shah which is updated with today's movement. as per that chart we are just at a trend line support which is intact from march so that is the last hope for bulls for any upmove and break of it will invite further deeper correction.