It was said “Watch 11230 for recovery; if done, then expect a corrective rally upto 11434-11556; else down move towards medium term target of 10660”.
The Dow achieved 10827 as against our long standing target of 10.7-10.6k; On Wednesday it closed at 11239, i.e. just above our “threshold” reversal level, resulting a massive counter attack by the bulls, & pushed the index to the weeks high of 11510, almost exactly within our upside target levels.
With this wild up move the ‘balance of power’ has tilted in favor of the bulls, at least for the medium term. However in the extreme near term the Index is vulnerable for bearish attack if failed to protect 11544 on close basis. In short, huge volatile swings are expected in the trading range of 11.5k to 11k before start of corrective rally in the region of 11890-11900.
The Dow achieved 10827 as against our long standing target of 10.7-10.6k; On Wednesday it closed at 11239, i.e. just above our “threshold” reversal level, resulting a massive counter attack by the bulls, & pushed the index to the weeks high of 11510, almost exactly within our upside target levels.
With this wild up move the ‘balance of power’ has tilted in favor of the bulls, at least for the medium term. However in the extreme near term the Index is vulnerable for bearish attack if failed to protect 11544 on close basis. In short, huge volatile swings are expected in the trading range of 11.5k to 11k before start of corrective rally in the region of 11890-11900.
