Indices

Wednesday, December 18, 2013

  


INDICES:
BSE BANKEX, CNX BANKEX & SENSEX- 18.12.2013 (Observation)

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It looks like Final wave-E UP of Bearish wedge is still pending in BANKEX as per chart attached from broader wave count perspectives. Same is possible (i.e. bearish wedge pattern) in case of main Index (ie.Sensex & Nifty) as well as per chart attached, as market hold 61.8% Retracement levels & given positive close today.

Although I still kept short term trend down as per market outlook but this option of bearish wedge pattern is possible till nifty holds 6030-5970 levels & sensex holds 20348-20137 levels.

Conclusively, it indicates still we are going to heading towards higher levels once more before final TOP established. We have to spend some more time further in this distribution range before it gives break out.

By looking at this bearish wedge pattern across the board (i.e.- in many Indices), I feel probability of its breaking this range on down side looks high, therefore one should be cautious at current levels of market & use this final rally UP to book profit or exit at current levels of market.
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