iCharts Discussions

[daytrader007]

Hello,

Sensex seems to have made a H&S top and broke neck line today. I am posting the chart here. This is a weekly chart. The same is visible in daily chart of Sensex. It seems target of this break down would be 8000 Sensex level in long term (next one year). This is just a view with support of technical analysis.

Regards,
Swapan

[sanmen]

Hi Dada

I had also posted similar chart for Nifty more than a week ago and the closing on friday more or less has confirmed the neckline break. Infact as per me we have already had 2 weekly closings below the neckline..The Nifty would try and test the neckline in the coming weeks as well which is synonymous to the EW analysis which says that we are in C4 wave right hence nifty might trgt 4600-4700 in the coming weeks and if this level is not breahced on the upside then we will see sub 4000 levels on the nifty in next 4-6 months i guess..

There was also a talk of big descending triangle being formed with high of Jan however that doesnt look to be broken as of now. NIfty has closed right on the bottom line of the triangle this week!!!!

Third is the long term trendline..thats been broken conclusively..

All the above confirm that we are in for a long term bear phase now unless there is a reversal of sorts on strong +ve factors which seems unlikely..

I am new to TA hence might have overlooked a few things for sure..please correct me..

Happy Trading!!

Sandeep

[daytrader007]

This is going good so far. Let's see where it stops!!

Regards
Swapan