BEAR ATTACK !!!

On Thursday (15/12 ) in KOLHAPURINIFTY group on facebook we have mentioned that  ------
" Today there is breakdown from head and shoulder pattern on hourly chart, target for this will be 4400 ( cmp 4700), word of caution there is major support @ 4639 if this is taken out on daily closing basis then there will be free fall up to 4400. Stop loss for this trade hourly closing above 4840, which will change later on according to future price action."

 On Friday 16/12 nifty made high of 4818.85, which will be now stop loss on hourly closing basis for this trade.


Also since 26/8/10 nifty tested sub 4700 level intraday but closed above 4700 3-4 times, but on friaday it closed below 4700.

Incidently on weekly closing basis on 28/8/09 after 2008-09 bear market nifty first time closed above 4700, and now after 2 yrs it closed below 4700 on daily as well as  weekly closing basis. 

Now for this down move various supports ( according to down trending channel mentioned elsewhere on this blog, long term trend line, monthly S1 according to monthly pivot points, 50% Fibonacci retracement    of  whole rally from march 2009 ) comes in 4400-4450 range and also target for this head and shoulder pattern comes 4400, so it looks like nifty will fall up to 4400-4450 region. 


The Chart patterns are suggesting that this fall will be fast, may be in next week only.


To upload various chart for this view will take lot of time, so if time permits may post various charts later on for this view. 


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