as a trader i will be cautious when such 'news' come in.
so tomorrow will be crucial since nse closed below 5900 which was a major support.
technically a lot of bank stocks need to have a round of panic still like sbi, idbi,idfc,icicibk,lic,kotakbk,relcap,axis, relcap.
tatamotors looks weak.so does tisco, hindalco, and bhushan steel.
hence some further panic is likely to 5815-5825 in the minimum.
5955( future nifty) is most crucial and stop loss now for all shorts.
On Gold long term, Neely is on an expanding triangle count since 2006; currently in the last leg.
ReplyDeleteOn shorter framework, he was calling the last leg also as an expanding triangle. Recently, he has shifted to a diametric. Looks similar to what you are saying.
One more instance of Neely changing his counts and coming to what you had been saying. Great going.. Cheers
KRG,
ReplyDeleteI had written to GN quite some time back about the count and where i thought he might want to check his count.but that time , he hadnt changed it.
coming to long term, i think the move begins late 2005 actually.what needs to be seen is whether its exapansion or a ABC-x- diametric or something since this last leg is consuming way too much time, which though currently allowed is heading towards maximum. also the complexity has increased substantially to suggest a double combination than a pure expansion.
however logically, its better to have the preferred label as expansion than double combination still, as the time hasnt run out and it allows for longer term much higher gold.
thats my take on gold count on longer term
and we have to give GN a lot of credit since he posts his counts in full public scrutiny.and he really knows his charts.
almost everyone ,me or any other will look quite a fool posting wave counts almost every other day for public scrutiny and that too paid!