"This is your second post after 9 AM, Usually u wont post any updates after 9,Evening or late night or early morning u update your thoughts.What i feel is in these two posts You are influenced by ........"
I am not really influenced by TV. But yes, I think posting after 9 AM is not a good idea. A lot of blog posts written in late evening or early morning emerge out of contemplation / some thoughts, but the 9 AM ones are probably quickies (influenced by something or the other, I am unsure what). Thanks, Satya. I took your post in the right spirit.
We have to address three questions on the Market:
1. What is the intermediate trend ?
To me, the Intermediate trend is UP. It will change to down only if and when the Nifty trades below 4200.
2. If the trend is UP, are we going through a correction?
Yes, we are.
3. How do we know that the correction is over?
A pivot low was made on June 23. I assume that the correction is over because prices have moved away from the low.
Now, it is possible to view the markets in different ways, and, make money with each view point provided risk is managed properly. The Nifty is trading in a small range, with two pivots - Low on June 23, and High on June 29. Range trading is difficult in the best of times.
Bullish head and shoulder in the Nifty. Here is the futures chart.