now, I have learnt from Satyajit da & Asish da that, for trendlines. logarithmically-adjusted-on-scale charts are preferred...
(1000 to 2000 is 100% of 1000, but from 2000 to 3000 is 50% of 2000, though diff. in both ranges is 1000 - so, log adjustment is required)
so, i re-adjusted the "congress support" chart to log scale
here, i found that uptrend from May 2004 to Jan 2008 was actually in a channel (this time i made sure that rajaram's condition for a channel is satisfied)
Nifty met with resistance at exactly it's higher level of channel on Jan 2008, and it broke this long term channel during last week of May 08, when it CLOSED below 5000.
That was the NAIL on its coffin..
I would specially request asish da & satyajit da to confirm whether this monthly chart is valid.
Next, I am not sure about this, but I have read this somewhere that when a channel breaks on downside, the lower line of channel is again tested before fall resumes. Is this true/technically correct????????????????????
If yes, then this intermediate uptrend from 3790 should meet its FULL STOP IN 5000 REGION