PULLBACK CONTINUES

Markets gapped up and continued their upwards journey absorbing all selling coming from short term traders.., closing in the end at the upper end of the days trade. Short squeeze was the order of the day and ( SELL IN RISE, baby bears) kept waiting with sinking hearts for some fall or respite so they can get out of their positions.. will the markets correct, surely they will , this is 5 th day from the bottom and a 800 point nifty ride..BUT WHEN & WHERE..well well this is the hard part ..no one knows but it should come about in a day or so.the resistance range still is 3050-3150 NS.. enjoy the evening, cheers

TENTATIVE WAVE COUNT

Attached above is a tentative 5 wave count from may 2003 to january 2008 & maybe corrective WAVE A at 2252. The markets can experience a corrective 3 wave upmove to form WAVE B,(B1,B2,B3 are the probable targets ).The corrective 1st wave has started most likely from 2252 and as said before 3050-3150 seems to be the target right now..After completion of the WAVE B, the markets will resume their downwards journey to make the final WAVE C. The normal time taken for the upmove is anything between 6-10 weeks app. (Lets see where the correction of this 1st wave up takes us down to & from wherewe correct , as at this stage generally external help pours in also , which propels markets up along with short squeeze..)

Such panic bottoms are a normally traps for the baby bears (SELL ON RISE TYPE )who keep shorting the rise thinking the down waves will continue , whereas the smart bears have already turned a bit bullish..The technicals for the week and month were discussed below..Hope this helps all who are confused and asking all experts ,as to how to trade in the coming days and weeks..enjoy the ride up ..cheers

BRAVEHEARTS WHO BOUGHT STOCKS CAN KEEP BOOKING.
PS : SGX nifty is up and running..