Bullish on indian market
as price is above the cloud and bear market start when price close below the 29000 level.
If new high on sensex then bear level 29000 is not valid.
#SENSEX- 35900-36000 major supply area ..need a close above 36000 for decisive up move toward 36500 and more
downside support exist at 35000.
When #Nifty is playing game from last 3 days one can look for #SENSEX at crucial times "Old is Gold"
Looks like sensex is on top and SHORT opportunity taking place here .
Bull market which started in 2009 from 8080 to 36370 in 9 years is about to halt.
If it falls below 34290, we can SHORT it till 32515 where it can have little bounce but may not go too far.
Breaking below 32515 will goto 31070 and then 29180 , here it will bounce harder.
Fall below 29180 ...
Sensex Spot @ 33,752, open @ 33,671., market is trying to form head and shoulder but still not formed , if market break 34,200 then we expect for bullish in coming weeks, and if make potentially head and shoulder and break 32640 then will test 30,400 Levels.
1. For bullish chances are 25%
2. For bearish chances are 25%
3. For being in Range 34,200level to ...
From 2005, we can see roughly 200 week cycles . As can be seen from charts it has clearly made a top and on its way down . Fibonnaci channels for 5 year and 10 year indicate first 32500 will get broken and then 30700. It should find support at 28000-29000 levels.
History Shows price has a funny way of respecting channels and trendline . This is a monthly chart of Sensex for newbies each candle represents a month.
I have drawn a Green line from a swing low and have connected to a swing High and named it as "It's"
"It's" was cloned to create "Breaking" and "Bad"
So, It's = Breaking = Bad
Potenially, We are looking at ...
Sensex is trading now @ 33873.44, after making a high about 36,400, was continuous from about 25,700, now it’s at 23.6 fibo level it’s highly expected it would test 32,700( fibo level 38.2) and followed by 31,000/-( fibo level 50%), ((for the positive note as it breaks 34,800 continuous higher))
SENSEX-LTLB ,RSI<40, Support at 32470-80 near 50% retracement
according to dow theory it has formed Lower Top lower bottom formation and breaks RSI Bullish range 80-40
still this ongoing selling can stop or pause around 32470-80 level
market is in a make or break situation rite now.
if a close below 32600,
then double top pattern will get confirmed as well as the gap area will also get filled.
this can drag the index to ard 31000 levels by mid Jan 2018.
Bulls are in desperate need of getting 1 long green candle.
