Re: Time to Stick my Neck Out ,Nifty 7300
Some nice charts,Rajaram......
Have a look at the NF WEEKLY CHARTS.
Draw the trendlines on the weekly charts from the start of the bull run till date........we've had 3 touches in May 2004,2006 and now......both in 2004 and 2006 formed higher pivot lows and went on to make newer highs.
Could we be doing the same again?Is this fall going to form higher pivot lows and blast!?Probably,Likely......As of now,we are still in a Primary Bull Market in a Secular Bull Run......but the intermediate and short term downtrend is still very much down,and we therefore trade accordingly.
When that intermed trend starts to give signals that we are resuming the uptrend,time for some position trades as well to capitalise on that big move up.......As of now the magic number is when NF crosses 5368.
Saint
ps:Sorry,no charts.......feeling a bit lazy!