Hi all, back fm the wknd at last. here posting two charts.
First study observed from last a-b-c rally in aug'08 whn we moved up to 4654 fm 3751. we went upto 4537 and then 4162 (a&b.. conncted by blue lines) and extended 61.8 exactly from bottom and blasted all the way to 4654 and made final top. but see i draw 2 BLUE DOTS on the way to 4654.. Closely watch those dots , those r pegged at 23.6 and 38.2% fibs extension.. its the place whr it took resistances exactly on the way to its 4654. This time we went upto 3298 fm 2228 and surely its a upmove against the fall 4654-2228, dont know whether its a or c, but if we go by history 61.8% of 2228-3298 fm the lowest we made 2 days back 2854 will be at 3513. so thats a C projection we get , if we hold this 2854 low.
and of course with help of history if it takes resistance at 23.6 and 38.2 on the way to its 3513 (if only 2854 holds), levels will be 3108 and 3265 respectively.
so levels to watch for intra and short term are 3028/3030 (last day tgt given, hit at 3027, so still its a resistance), 3108 and 3265 ,3513 . sub levels will unfold as the movement progresses.One thing more is 3513 is at exactly same place whr a gap occurred during the 5 wave down move.
2nd pic is of yday intra , 3030 tgt posted, high made 3027, but the thing to watch is the low it made after 3027 ,thats 2955. its the exact 50% retracement level of friday high-low thats 2883-3027, so we r holding 50% convincingly fm 1 min intraday chart. and if now the high 3027 is taken out , the level to watch wud be ,
3027-2883 * .618 = 3115 (almost same place fm above charts 23.6% extension fm 2852).
so 3108-3115 wud really be the level , i'll watch out for intra, but it'll be important for the impending up move also, if there wud be any.
... waiting for 3116. not shorts for me today... will try to buy on dips. thank you.
