market medium term roadmap...

s&p500(us) eod chart with negative divergences and support trendlines:


dow jones eod chart with negative divergences and support trendlines:


sensex weekly chart with negative divergence and support trendline:


nifty weekly chart with negative divergence and support trendline:


strong uptrend on s&p500(us) and dow jones eod charts.

uptrend also is on nifty and sensex charts.

but profit booking or correction is warranted in short to medium term to mentioned lvls/lines.

but given negative divergences appearing on all the above charts, if the trendlines are broken on downside if profit booking comes in, then the lvls upto which they may come down are also marked on the charts.


so given the above and from intraday ew counts, the medium term roadmap scenario to me looks like this. nifty may move in a fashion like correcting to 4500/4550 from 4700 odd and then moving up to around 4900 etc in the next series. similar can also be inferred from options data. 22 p/e also comes around 4900 tgt where it becomes expensive for a bear mkt rally. if nifty does a weekly brkout on upperside then tgts will be higher but i won't consider till that happens.

lets see how it goes, but any dip to support trendline holding would be a buying opportunity.