Sunday, August 13, 2017

Technical Picture

The ferocity of last week fall took everyone but surprise. It throws up some very interesting possibilities.1. The fall was 452 points the previous largest fall was only 261 points.

2. The fall has 3 distinct legs A 10137-9981 B 9981-10081 C 10081- 9685.

3. Now, this could be the last fall or there could be a corrective up move before next round of fall. This could be if structure is ABC X ABC

4. If that is the case we could retrace to 9857, 9911 or 9964.4. The next leg of fall could take us 9450 to 9500 levels.Right now, let us consider these 2 possibilities only. Above 10050 we can expect new highs.

 At 9500 odd levels, we would have retraced entire 7894 to 10137 by about 30 pc fulfilling the criteria for correction.

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