Friday, November 12, 2010

sensex

some time back i had commented a couple of times that charts looked weaker than normal. so the prop up at diwali was just coal india management. i would look for deeper correction once 5985 spot on nse and 20009 on sensex are broken.
it will mean that a larger time wise and price wise correction is possible.
however a two day sell off on global weakness is followed by bounce or not, monday will tell.

if weakness persisists, it will simply mean that i can have a nice unplanned vacation!
because i am not shorting any market execpt for scalps and intraday trades.

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2 comments:

  1. KRGNovember 15, 2010 at 9:42 PM

    Hi : You must have noticed Neely's changed count on Gold. i.e. possibly ended e of diametric (implying to be followed by a f & g the last of which can possibly scale new highs?). Your counts are similar?

    If you do take a vacation, do consider Maldives, lovely place

    Cheers

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  2. vipulNovember 17, 2010 at 7:25 AM

    KRG,
    my count currently puts gold in f leg of diametric begining october 09.i will not be able to comment on Neely's structure since its been a while that i stopped his gold service.
    maybe you can mail me his count on daily and last available monthly chart.

    Gold needs to have one berserk upleg still to complete long term patterns since no active reversals and distribution is seen till now.
    1540$ is the tgt i have.first sign of future weakness will be a drop below 1225, though it is not necessary.
    it may just come to 1200 or little lower.

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