Weekly Analysis:
Daily Analysis:
Hourly Analysis:
Summary:
Immediate DOWN support 5380 - 5420. UP side resistance 5550 level.
Chances of Bulls look completely gone. Two weeks before I was of the same opinion but last week's reasonable Q3 results hinted perhaps it will take few more months before it gives in. I don't see bulls can be back from here. Only thing we need to gauge now the power of this destruction whether it will be slow & steady or fast & furious (one like that in 2008). There will again be panic in the market. It will take 2-3 more months for the street to realize that. And last but not the least 6 months for the economic recession to set in!
Daily Analysis:
Hourly Analysis:
Immediate DOWN support 5380 - 5420. UP side resistance 5550 level.
Chances of Bulls look completely gone. Two weeks before I was of the same opinion but last week's reasonable Q3 results hinted perhaps it will take few more months before it gives in. I don't see bulls can be back from here. Only thing we need to gauge now the power of this destruction whether it will be slow & steady or fast & furious (one like that in 2008). There will again be panic in the market. It will take 2-3 more months for the street to realize that. And last but not the least 6 months for the economic recession to set in!
Hi Rajib,
ReplyDeleteCongrats ,U were among first bloggers who predicted the 5500 levels positionally many weeks ago .Your use of the P&F method is just great.Keep up the good work.
I have posted analysis of different Time Frames of the market in my blog ,The Third Eye -http://aar-vee.blogspot.com/ , Please have a look and leave your comments and observations .
Regards.
Thanks Rajib for keeping an alert eye and correcting my charts .
ReplyDeletePl. feel free to share observations any time
regards