click on chart for large view
THIS IS SENSEX MONTHLY CHART VIEW
SEE THE PRIMARY TREND LINE, WHICH HAD STARTED ON MAY 2003 WHEN SENSEX WAS AT 2934 POINT,
AFTER THAT THERE WAS 4 BIG CORRECTION HAD HAPPENED, BUT ALL TIME MARKET TOOK THE SUPPORT ON THE PRIMARY TREND LINE, OR NEAR THE PRIMARY TREND LINE.
SO NOW THE PRIMARY TREND LINE IS AT 15600…..
BUT B4 THAT THERE IS SOME IMPORTANT SUPPORT
SUP1
THERE IS FIBONACCI 61.8% SUPPORT (FROM 21206 TO 13779) AT 16500 RANGE
SUP2
AS I TOLD U B4 THERE WAS A SUP OF CHANNEL BOTTOM TREND LINE AT 19300, BUT MARKET HAD BROKEN THAT SUPPORT, SO AS PER TECHNICAL RULES, MARKET SHOULD COME DOWN WITH THE TARGET OF CHANNEL LENGTH,
THAT IS IN 16400 (CHANNEL LENGTH)
SO I EXPECT, THERE WILL BE A BOUNCE BACK FROM 16300 (+,-, 100 POINTS), IF SENSEX BREAK AND CLOSE BELOW 16300, THEN NEXT DOWN SIDE TARGET AT 15600 (PRIMARY TREND)
ALERT : AT ANY REASON MARKET SHOULD NOT BREAK AND CLOSE THE PRIMARY TREND (if so,there is some problem in fundamental, do you fell like?)
SEE THE PRIMARY TREND LINE, WHICH HAD STARTED ON MAY 2003 WHEN SENSEX WAS AT 2934 POINT,
AFTER THAT THERE WAS 4 BIG CORRECTION HAD HAPPENED, BUT ALL TIME MARKET TOOK THE SUPPORT ON THE PRIMARY TREND LINE, OR NEAR THE PRIMARY TREND LINE.
SO NOW THE PRIMARY TREND LINE IS AT 15600…..
BUT B4 THAT THERE IS SOME IMPORTANT SUPPORT
SUP1
THERE IS FIBONACCI 61.8% SUPPORT (FROM 21206 TO 13779) AT 16500 RANGE
SUP2
AS I TOLD U B4 THERE WAS A SUP OF CHANNEL BOTTOM TREND LINE AT 19300, BUT MARKET HAD BROKEN THAT SUPPORT, SO AS PER TECHNICAL RULES, MARKET SHOULD COME DOWN WITH THE TARGET OF CHANNEL LENGTH,
THAT IS IN 16400 (CHANNEL LENGTH)
SO I EXPECT, THERE WILL BE A BOUNCE BACK FROM 16300 (+,-, 100 POINTS), IF SENSEX BREAK AND CLOSE BELOW 16300, THEN NEXT DOWN SIDE TARGET AT 15600 (PRIMARY TREND)
ALERT : AT ANY REASON MARKET SHOULD NOT BREAK AND CLOSE THE PRIMARY TREND (if so,there is some problem in fundamental, do you fell like?)
