Dear
Bramesh Bhandari,
Wish you a Happy Married Life. Accept our belated(23rd June) wishes and blessings.
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Parminder asks: i was trying to interpret the chart with ur wave count presented on 16 feb 2012 where in we were at 5500 and it was presumed if
A: (RED) 5200 held, we would move to 5600 odd and then to levels of 4000 odd.
B: (Green) Again the same scenario but we would be testing 5200 odd only.
But now we are standing on verge of 5200 again but the chart does not imply that.
I know i do tend to bother u a lot bt if u could please enlighten us all with the current scenario and the way the Market is moving.
I know that prices speak up in themselves but looking at overall scenario i cant corelate the chart.
Ans: On 16th Feb, it was suggested that a correction would commence from 5600 and considering the sharp upmove, it was assumed that 200sma would hold during that correction. And the falling 200sma did not do that but the rising trendline @ 4770 held and market is resuming its uptrend.
As per the hour chart(Below), it did move up impulsively but is stuck in a range of 4995-5015 to 5174-85 presently.
One should remember that the current week is the last week of the month - for the month trend to assert or reverse while the week trend is poised at a critical moment. Last two week's candles suggest support coming during corrective falls. Look for 5040-60 zone holding during this week for bulls to resume uptrend OR break down below 5040 or 4995 for bears to regain the downtrend.
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For the day, one would concentrate on
5093-5103-5112 supports of recent lows/JNSAR/34Hr Sma and 5133 Day Pivot along with recent resistances of
5144-5170.
The class and teacher arrived to find the schoolhouse engulfed in flames. Terrified on realizing that Glenn was inside, they rushed in and managed to drag the unconscious little boy out of the flaming building more dead than alive.
