The second point we needed to bring in focus is also given below ( please read previous post before reading this ):
As we have seen in the past and as this chart shows after making a low of 2500 in March 2009 we have not corrected more than 16.5 % in any of the major falls we have seen in past 2 years.
First Correction -> June - July 2009 - 16.5 %
Second Correction -> Oct - Nov 2009 - 12.6%
Third Correction -> Jan - Feb 2010 - 12.4 %
Fourth Correction -> May - June 2010 - 11.6%
Fifth Correction ( the current one ) - From Nov 2010 - till now. We have already lost around 15% from the highs, considering history repeats itself and we somewhere bounce back from 16.5 % level again which again coincides with our Multiple support Rectangle zone of 5150-5350
As we have seen in the past and as this chart shows after making a low of 2500 in March 2009 we have not corrected more than 16.5 % in any of the major falls we have seen in past 2 years.
First Correction -> June - July 2009 - 16.5 %
Second Correction -> Oct - Nov 2009 - 12.6%
Third Correction -> Jan - Feb 2010 - 12.4 %
Fourth Correction -> May - June 2010 - 11.6%
Fifth Correction ( the current one ) - From Nov 2010 - till now. We have already lost around 15% from the highs, considering history repeats itself and we somewhere bounce back from 16.5 % level again which again coincides with our Multiple support Rectangle zone of 5150-5350
Regards
Ankit
An update on your charts is now due. How far is the bounce / recovery now going to be.
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