amitt29 said:
Amitji the flat has panned out perfectly,i slightly differ with u on 3073,i think 3050 held will be good.
I think also any upmove can come around 8th of this month from the 3200 levels we breached.
Hi amitt29...what's important is that one consistently follows one single methodology which has given accurate results.
So if from your perspective you get
3050, there's nothing like it.
From my work
3073 came up as a point where the action turns.
However, the close at 3071 is not bad, especially if there was genuine buying in the late day rally, rather then all short covering.
And if there was buying, and considering European markets recovery, and if the US markets see a bounce, then we should see further up move tomorrow.
And further, if there is some, just a little buying support tomorrow, we could have a strong closing.
I agree with your June 8 date.
I have June 7 as a possible turn.
But one must remember this correction has hardly had any time to it yet.
We are feeling the pain because of the vicious nature of it. Else, in normal course, an over due correction like this should unfold over a longer period of time, and would be more gradual.
So, if our dates have to pan out, the best one can hope for is consolidation in time, rather than this terrorising uncertainty.
On the other hand, I had written this morning that we may get a relief rally to 3300-3350 levels to allow trapped big money to escape and to trap innocent victims again, and then there could be another slam-dunk.
These are all possibilities.