Monday, February 14, 2011

MARKET BOUNCES...............

on friday sensex made low of 17296 and bounced back strongly and closed in green after a long time.since we have broken 200dma/ema since no of days and we are staying below that level for more than 7/8 days probability of more correction in coming days is more than making new high.

after making top at 21109 we made first low at 18955 and lower top at 20665. next bottom was formed on friday at 17296.so most probably we are retarcing fall from 20665 to 17296.retracemnt levels of 38.2/50/61.8% are 18583/18981/19378.

we should remember that 200 dma is placed near 18800. zone around 200 dma will become a strong resistance for this pull back.watch levels of 18981 and 19378.
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1 comment:

  1. PANKAJ SHAHFebruary 18, 2011

    200 dma/ema zone gave strong resistance as expected.today's top at 18691. may be we might have completed 61% retracement of fall from 19575 to 17296 at 18691 and now fifth n final leg of wave started from 20665 has started.for wave count lovers we might have completed sub wave 4 and on sub wave five .

    first down from 21109 to 18955
    second up 18955 to 20665
    3.1 20665 to 19004
    3.2 19004 to 19575
    3.3 19575 to 17296
    3.4 17296 to 18691
    3.5 18691 to ?

    invalidation of this bearish view will be cross over of 18691.

    just trying to analyse .mkt is supreme.

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