Analysis: The action formed a bear pattern like a hammer, sensex again failed to cross over its previous resistance of 16k, it shows clear defeat of bulls at resistance levels and again showed that market always surprised when everybody was so bullish on monday
Half hourly chart shows that an extracting triangle forming as a part of last wave of the diametric g leg, where rally gets smaller and fall gets bigger since low of last week's friday. Today's fall action looks like D leg after initial rally ended as C leg. Inside C leg appears as irregular flat c failure, which has implcation of atleast 1.618 times of b leg starting from c leg i.e. D leg should go to atleast 15329 as shown in the chart, after that E leg should follow which should end the g leg of the diametric and then proceed with the fall as shown in red line
Daily chart shows continuation of g leg of diametric, g leg confirmed as non impulsive since it broke 0-b line yesterday. sensex formed low today exactly at the trendline joining march low and low of d and f of diametric. Can sensex give a pullback as it has done since last 3 months from this trendline or break the trendline after completion of g leg going as shown in red line respecting seasonal fall of september month. September always have been a falling month in world market...
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