Happy New Year 2013!!!
To all my blog-viewers & readers. Wish you peace, prosperity & happiness.
Long-term chart at the end
Recap:
Support came much before 5800. Was grossly wrong, perhaps lack of attention. But people following PnF would have got out of position (short) the moment BrRL got broken @ 5900.
Weekly Analysis:
Daily Analysis:
Summary:
Weekly & Daily UP. Daily at channel resistance but weekly has got few more space (6060-6100). Added to this the Fib extension indicates 2.62F @ 6075. A strong resistance at this level is expected.
If retraces from current high expect supports @5925.
Yearly Outlook:
I have put the picture in front of you. Only if cycles got to play, we are near the top. Else we go with fundamental theories (DOW) of Higher High (HH) & Lower Low (LL) for the Bull market. Clearly 5580 will play an important level.
