I wish I knew.
However, not knowing for certain cannot result in inaction. And today, I have no action to suggest beyond what Sudarshanji has mentioned this morning in his blog. Reading that carefully is likely to help traders prepare well. The summary of what he says is that a breakdown of yesterday's low 4436 will probably result in further downward move towards 4350. Trading above yesterday's high of 4510 will signal resumption of the upmove towards 4700. You can read his posting in its entirety here.
What about the unlikely possibility that the resistance 4500 holds? Well, we shall discuss that if 4350 is broken on the down side which seems unlikely now but since the market can do whatever she wants, it cannot be ruled out for sure. But we can wait for that to happen before making actionable plans.
Yesterday, I came up with the following saying that
"If everyone one knew where the market was going, the market probably would not go there".
Perhaps it has been said before, but it does not matter - it is the joy of thinking these thoughts that matters the most.
If you have any comments please write to me at stockmarket.methods.in.madness@gmail.com
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Disclaimer: The above analysis is just that - my analysis. If you choose to trade on the basis of this analysis, you will be solely responsible for the outcome of the trade - profit or loss. Please keep in mind that trading and in particular day trading is not for the novice and there is significant risk of loss of capital in trading.
well said Student Ji(Is he a student or Master).Its a big question now.Is this just a pause or new leg down ?Wait for 2 more weeks defiantely we will know the answer.Or sideways action for few more days.
ReplyDeleteTomorrow any rally to 4450,people will sell.If we sustain we will see 4700 before expiry.No hurry for 4700.On the down side we have strong support at 4300.Will people buy that dip?Iam sure no guts for retailer.