Now… Everyone is blaming budget, for this crash. Is this the real reason?
I see another one. You will understand it when I proceed. For some time I was talking about the Head and Shoulders pattern being developed on the Daily chart and exact replica of what happened last year. Those who have not read it may refer Archives.
Now that the breakdown has happened and is the 'Reality". I was expecting it to happen by next week. But it did… a week early…Today... Look at the NIFTY chart and the zoomed view.
To assess what might happen tomorrow, I have attached another chart. That is of DOW. This too has developed the Head and Shoulders (also S&P which is not shown here) and on the last trading day, they closed just above the neck line. If Friday was a trading Day for DOW, Our FM will not have held responsible for this crash. It would have been "Global Cues"…
So, we have to await for the Big day … Will 7 Jul 09 be remembered more than 6 Jul?... We will keep our fingers crossed…
