16th july 2009...

update: neckline of probable and doubtful heads and shoulders patterns in dow jones, s&p500(us) and nifty50 index is broken on upside thereby invalidating the pattern and the assumed tgts. dow jones and s&p500(us) charts show that there is breakout from falling channel also. only sensex chart the neckline(14400 for today still unbroken).

on all the charts(except sensex) the lower line of the falling channel is offering support for pullback.


the stated bounce in previous post from 3980(and lower lvls) has materialised in a sharp pullback in nifty going to the mentioned lvls between 4174-4254. the falling channel resis line is near 4370 for today.

an another/alternate hns pattern on nifty chart shows its neckline near 4316 for today which is not invalidated yet.

therefore 4316 to 4370 remains resis zone going forward, lets see if nifty continues moving in downward channel in coming days.