Market, as explained last week, has turned Bearish; rather extremely bearish. The Question arose, why this kind of a fall? Look at the chart. I have shown the Descending Triangle, formed at the start of 2009, after the decline from Jan 2008. Now, this move has achieved the full target at 6338 (marked FT). Now it is time, to retrace a large part of this move, before fresh investments begin. Where it will move, cannot be traced. But, the potential supports are mentioned on the chart. Of course, there is no rule that it should adhere to these levels. But such a possibility cannot be ruled out at all. Anyways, the Market , at present looks extremely bearish for the long term.
