MARKET ?

as expected we got resisted at neckline of H n S which was around 14450 and today's high was 14493 and we closed at 14250 neacr yesterday's close.

 

in last mail i had said

 

"if we can cross this zone decisively then we will discuss bullish views, till then we r treating this upmove as a pull back. "

 

today in isg forum more details were asked for bullish view and i had replied as given below.pl go thru it it is interesting.

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at present we are correcting after making a top at 15600 and lower top
at 15098 seen on budget day.more over at present we are following H n
S pattern.and today's level for neck line was around 14450 and today
we have seen 14493 and reversed from there. since neckline is inclined
upwards more we pass time neck line levels will go higher.

now i come to bullish option in mind ;

if u recall i had shown a downward channel after we started correcting
from 15098, so a downward resistance line i am following that is
connecting 15600 and 15098. if we cross this trend line that will give
first indication of any bullishness.for today value is just above
14800 and will come down as we pass more time.and more strength can
come to bullish view on croosing 15098 which a last intermediate top
made.

as per wave count to justify this bullish view we have to consider
that all corrections were over at 7697 last yr oct.and assuming that
we are on a fresh bull run from 7697 and we are on first upward wave
having 5 sub waves with following counts.

first upward 7697 to 10945
second downward 10945 to 8047
third upward 8047 to 15600
fourth downward 15600 to 13220
fifth and final upward from 13220 to ....?

i am having this view since no of days but i have not discussed in isg
or at my blog bcz it wld have confused followers.i will update on
further developements. hope this does not confuse any one.
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we have to watch market for few days. if neck line of H n S is crossed decisively then we will think for bullish option. as discussed above on crossing downward trend line connecting 15600 and 15098 will give us first indication for the same.