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    Wednesday, October 29, 2008

    has the market bottomed out?

    has the market bottomed out? what's the road ahead.

    ydays pullback was encouraging which came after a long wait, expecting it to last upto 2880.

    i feel the bottoming out process is now going on, there will be retesting of 1800-2000 and nifty will get rangebound in a larger range like 2000-3350 in next few days with volatility but such moves will be tradeable, i guess it will take some 10-12 sessions within which we should have a bottom for this year in place, after which it will begin its upward journey till the onset of summer next year.

    Posted by abhay r somkuwar at 8:01 AM

    8 comments:

    renu said...

    Hello ab sir,could u plz tell exactly what happens in bottoming out process as i m new n came into mkt in oct 2007.
    Regards

    October 29, 2008 at 1:50 PM
    abhay r somkuwar said...

    meet, prolonged one sided downmove results in positive divergences on indicators, some stability in price, retesting and holding of lows etc are some indications of bottoming out process, just my opinion.

    regards.

    October 29, 2008 at 2:46 PM
    renu said...

    thanks ab sir for the explanation.

    October 29, 2008 at 3:35 PM
    Sandeep said...

    Hi Abhay, 2880 achieved..spot on..till where do you see this pullback lasting? wanted to ask at what point can we distinguish that this is "B wave" or just the 4th of the C going on which started at 4650 levels..pl enlighten on this..thanx Sandeep

    November 1, 2008 at 2:57 PM
    abhay r somkuwar said...

    thanks sandeep, the grey area now was C-3-(4) and C-4 which of these pullbacks is taking place, 2880-2900 something that i was expecting for this upmove, that was tgt of my 4th wave of C-3, a lvl to 3350 is the tgt for bigger pullback C-4, a movement of nifty reacting from somewhere around these lvls will tell us where are we in our wave counts. iam not considering bigger B wave at this point, acc to my counts it will open up only after big A completion, still there's time for it as per my analysis.

    regards.

    November 1, 2008 at 5:20 PM
    abhay r somkuwar said...

    sorry, pls read "C-3-(4)" as "C-3-(5)-iv", and "4th wave of C-3" as "4th wave of 5 of C-3" above.

    November 1, 2008 at 5:38 PM
    Sandeep said...

    Thanx Abhay for clarifying..i was assuming that we are done with C3 atleast..and very optimistically the end of C :)...but ur view forces me to think otherwise..keeping options open now..thanx once again

    Sandeep

    November 3, 2008 at 12:32 AM
    abhay r somkuwar said...

    yes sandeep, C-3 maybe done at 2253, need confirmation with this pullback.

    regards.

    November 3, 2008 at 9:00 AM

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