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[uasish]

I think 4200 to be a good support ,will have to see EOD.Your count is 5 wave from Top,at least will have a guide line to work on.

 

[Shyaam]

Hi According to Retracement levels ( Chart is attached) 4309 is the last level.
or minimum 4300

 

[Shyaam]

Hi According to retracement levels (chart attached) 4309 or Minimum 4300

Regards
Shyaam

 

[kkseal]

As for the Sensex, I see support around 14700 & a possible reversal around 14500 -14550 Do you guys see the same?

Regards,
Kalyan.

 

[amitt29]

Yes quite agree with you Kalyan.Unfortunately in gap downs these do not matter.

Strong support however is at 14k on sensex and 4100 on Nifty.I am a buyer at those levels.

If it breaks,then God help us.

 

[kkseal]

I haven't looked at lower lvl projections yet (have a rough one arnd 13800).

In fact i was trying some alternate projections and based on this 14650 - 14700 looks an increasingly good spprt (at least for some intraday long plays).

Thanks for the confirmation. Am keeping a close eye on your thread.

Regards,
Kalyan.

 

[amitt29]

Okay.
Today was a carnage.The 2nd biggest decline.Wheres India's growth story headed.Sentiment has been considerably damaged.

I can count a perfect Impulse(5 waver)from recent top.It has obeyed all the basic laws of an Impulse.Is it the start of bear market,a secondary correction et al.Well i reserve my judgement for the time being.A few alternate counts are possible at this moment.A dbl zigzag or zigzag flat from top.
The direction is pointing towards sub 4300 levels for the moment.Short term supports is at previous tops at 4365-4260.Short term resistance at 4357-4403-4430-4480.

Short term momentum is extremely oversold.
Extreme short term resistance at 4357.

Its not looking good.

Did you see Nifty spot close. 4356.35

 

[amitt29]

A word of caution for long term investors,the bull market will be over below 4000.And if thats the case 4000 shud be achieved max within this week.A close below 4000 wud confirm.I am allowing myself for whipsaws.

Medium term support's at 4223-4175.Below that at 4104.

Lets see how it pans out.

Be extra cautious,its not looking good at the moment.A 3rd wave extension is what i see.
On alternate count front it can be a dbl zigzag,either case 4100 is on the anvil.

 

[uasish]

Amit,
Still now your levels where v.good ,let us see.

Asish

 

[kkseal]

14700 held. The next lvl i'm getting is 14410-14513 and below that 14050-14095. Let's see.

Regards,
Kalyan.