We can observe on the monthly chart that market is moving up in waves. There are up waves and there are down waves. Up waves are larger than down waves, so it is an uptrend.
It can also be seen that after every up wave there is a correction of the order of 40% to 50% Based upon this historical data, we can expect a correction of this magnitude in the current down wave which started Oct 2021
Potential Targets could be 40% correction - 14167 50% correction - 13060
On the lower chart you can observe that RSI went near 30 during major corrections and near 40 during minor corrections. Assuming that the current correction is just a minor correction, I would expect RSI near 40 when the market hits 13000-14000 targets. That could be good level and time to start investing in the market. The RSI scenario on the weekly chart would be 30 during minor corrections and 20 during major corrections.
Above targets are based upon the historical data. There is no perfect way to predict market tops and bottoms but buying low has always been a good strategy for quick returns through investment.
Do like, share and comment for more such ideas in the coming days Regards
I am agree with u and as numerology and astrology 14167 and 13780 are important no. if we start up trend from thr thn mkt vl dbl in same time period.
Bravetotrade
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@drsndoshi, I am glad that you agreed.
vaaibhavs1
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Very well written article, another viewpoint is that after every correction index has doubled. So lets sail through these Tough time for a hopefully better future
great insight.. but assuming its gonna be minor and investing willbe hazardous.. minimum 30% shave off from the top would take us to sub 12000 and also retesting the previous top.. may for trading purposes those levels might work
probir1976
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I agree with you and also find some similarity with the year 2015.
thx for explanation.
I am agree with u and as numerology and astrology 14167 and 13780 are important no. if we start up trend from thr thn mkt vl dbl in same time period.