Indices

Wednesday, October 05, 2011


  

INDICES: SENSEX & NIFTY (2nd Bearish H & S):
PANIC AHEAD!!! (BE CATIOUS):

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Sensex & nifty both achieved bearish H & S target of 16000 & 4800 respectively as anticipated & written on earlier view of 08/08/2011. After which, its trading between 4800 to 5100 levels but now, they are at the further verge of breaking 2nd bearish H & S as per chart attached

Nifty & Sensex both closed & sitting near neckline of 2nd H & S as per chart attached. It already achieved target of 1 st H & S near recent lows of 15765 on sensex & 4720 on nifty.

Forget about wave count & all other technical studies & just see these simple pattern of H & S, if breaks & goes for full equality targets then their is massive pain ahead. Closed & sustain below neckline levels will finally confirm beginning of down trend. One should be very cautious on market, if neckline breaks & market does not manage to come above it. (Neckline levels 15700 on sensex & 4720 on nifty).

BSE midcap already closed below neckline of H &S yesterday as per the chart attached.
One can see for neckline break for final confirmation of down trend from here on.

In 2008 bear market, same way market broken 2nd H &S and achieved equality target of H & S or infect marginally beyond it as per chart attached, one should also compare it & if goes similarly then it will become mirror image of 2008.

So be cautious & watch out market behaviors @ neckline levels & further closed below it.It has equality target of 12800 on sensex & 3850 on nifty on downside
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