Thursday, May 03, 2012

Where is the Bottom???

Nifty made a Low of 5181.2 which is Exactly 78.6% of Previous Rise - sw(1) as marked on chart. Now if this Low held for tomorrow then possibility of Upmove from here - where I can assure this is sw(5) Only. Else if breaks then the last chances of sw(5) become void. Break below today's low confirm that we are on the sw(4) and need to touch the Bottom line of H&S - which should be between 5140-5150. Hope this can be a Bottom to complete the sw(4). But looking at many stocks movement today - its hard to hold today low 5181 tomorrow - may be we shall slide near to 5150.

Tata Steel today Breaks an Important Support near 449, I hope its correcting as 3-3-5 as we are in last leg as 5(3) fall as this fall may try to fill the gap left at 425 as shown on chart. A sell call has been send to my Clients in this regard. Lets see