Missed me.. hehe..
Well hello stranger did u miss me. I am Polar Bear. I am generally found at Arctic Circle (TOP !!!!) Well, so much for the rally. I have a very bearish count, but i prefer to have it in wraps.
My post is coming after 250+ point fall in Dow Jones and all blogs got their asses wipped. All the bear blog we saying SPX and DJIA will rise a lot, but it jus hit them right in face. Kenny was rather spot on, cause he said that the Wave 2 requires 3 waves, and those are over. If we do have X then we may move up, but todays Dow and SPX price action was start of wave 3 in many aspects.
Coming back to India: I have a simple parameters of moving averages:
1. 89 SMA
2. 144 SMA
If u r below then gone, if above then rock on.
Look at what is happening everywhere, hyper bullishness. Thats good no problem, but the Polar Bears are here and after a long Hibernation, so u got a chance to catch a train.
Today was flag day. I am attaching below Nifty Chart and Reliance Chart. Refer them, see the clear Flag.
Major Trendline was broken. with fall below 55 EMA and 89 SMA. I did think, market would retrace to these SMAs and EMAs; but looks like that is not the case. The markets are falling. Close an 4800 should trigger a Fall Break Down. Which could take Nifty to 4492 zone, the 3rd Nov low zone. This was first serious fall based on FAKE Dubai shit news. This time things will be different, cause, u have no news now. The only new is POLAR BEARS are back.
Reliance Industries Limited:
RIL today already has broken the flag. It can act as FLAG as well as CUP n HANDLE. I am bit skeptical putting my count on Reliance, but based on the count, the target of RIL is Rs. 700.
On my Twitter account i am shouting from 1138 on Reliance to be Shorted :)
Well, i can say, i am getting better. Lets hope that continues
Refer my post on Banks in Dec 2009, where had called The Top for banks. I am bored of giving the link, maybe tomo will repost an update. Refer my Post on CNXIT, Infy etc IT companies, where i said that it is the top or maybe Wave e is pending, well wave e came and they crashed. I was bit wrong with metals, but all i can say, they are totally gone.
I would be posting a Commodities Post, where, every i will put some charts.
Disclaimer: I am Mega Polar Bear.
These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
We are all students