As mentioned in previous blog, sensex is showing head and shoulders pattern im 30 minutes chart, if it is so, the neckline is already broken and currently sensex is near crucial support of 16600, if sensex breaks 16600 the next level would be 16400-16500 and then 16000. 16k is also previous top and it is the target of head & shoulder retracement taking from top 17200.However sensex can take support at 16k keeping the bulls hope alive, but if it breaks there will be panic we can see levels much below.Even if sensex holds 16k and tries to move upward the rally is becoming weaker and weaker.
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