For the first time I am seeing NS closed below , all low ema and also ) All TT moving average , day and weekly.
bb,As 5600 pe has highest oi closing below this we could see 5500 lavel in next 1-2 sessions.Though it is not a rule.
SirCounting down from 6112A 6112 TO 5663.Further counts are of corrective nature up.From 5663 to 5971 it is a zz corrective and is only a shade more than 61.8 of A. Hence could be B as u have said or X. x waves are less than 61.8 or more than 1.618 in price and are less complex in price pattern and time.By this logic x is preferable to b.What followed looked like a elongated flat to 5604. The correction of a truncated zz that followed ended at 5754.However the nature of fall from 5754 is intense and impulsive this leaves open 3 possibilities1. x, followed by a 1-5 impulse starting 5791. The last 2 day move being the 5. In this view the elongated flat and the truncated zz morphs into 3 and 4. And 5 is current wave down. 2. X is Followed by elongated flat abc and zz up is x followed by a down now and b up for a bounce and c down to follow.3.after the big A down to 5663 the abc irregular flat till 5754 and a fresh corrective or impulsive unfoldingAll 3 possibilities show only one direction SouthOf these 2nd possibility breaks the least rules and is the most complex to trade with several whipsawing moves. Also as a adjunct to my last post We did see 5604 before 5971. The hurry shown by the market to do this has surely tilted the scale in favour of bears.
Namaste Ilango Sir & Blogmates, Bearish: As said yesterday, the Bears followed up their selling spree and got a close below the psychological level of 5600 for the first time this year. Selling on rise looks the best option as per OI Table..: Option Analysis for 04-04-2013Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal