Is a crash looming over ? Charts showing head and shoulders top reversal patterns

[bunny]

Here is SENSEX closing chart after today's (7 July 09) closing. Please see the attached image. I can see a well-defined head and shoulder pattern - which is a top reversal.

Also, the indices had gapped up at the same level at election results and I remembe reading in Thomas BUllowski's books that gaps will again tend to occur at same levels when in opposite direction.

All technical analysts are requested to offer their opinions on this(since I am a relatively novice).

The pullback to the neckline which we saw today after budget days free fall: can be considered as a pullback after which downtrend will continue?

Thanks,
-Bunny.

 

[dpsdhr]

its diffclt .... i dnt think Sensex will cover all those points ....

 

[MurAtt]

Text book says the b/o or b/d will be with greater volumes i.e. in the right shoulder.
Here the case is different. Also ALL TDH expecting 3600 ...

Get the point ....

My opinion and I could be wrong ....

 

[bunny]

^May be we are yet to witness the actual crash, that is why we aren't seeing the volume patterns. But I think the HS pattern in valid.

 

[praveen taneja]

The way 4050 is holding in this weak sentiment mkt I think its the Low of this correction lets see

 

[bunny]

And see already today the markets opens at -450 pts. So the nimble traders and investors could be just hurrying for a sell off.

 

[bunny]

July 8 SENSEX closing: 13,763.76 -406.69 -2.87%
July 8 NIFTY closing: 4,075.75 -126.40 -3.01%

 

[sudoku1]

Here is SENSEX closing chart after today's (7 July 09) closing. Please see the attached image. I can see a well-defined head and shoulder pattern - which is a top reversal.

rightly identified !!!
even i was sceptical abt it...
http://www.traderji.com/position-trading/21819-sensex-technicals-181.html#post330104

 

[Stockwhizzo]

Reliance Ind was at around 1800 when Index was 12200 & now also more or less same price, when Index is 13800, any ideaz?

 

[spiritunit]

I hope now its all over for correction or will it continue?