Nifty Page: 12-06-2013(EOD)

My yesterday's post:

Today's update:

And I do expect a bounce from this converging trendline support.

Some friends are asking--- how much that bounce would be--- do I have an answer??

Not exactly. I would try to use the channels and previous support levels(which would now become resistances). Please remember neither I nor anyone else has definitive answers-- it is all about probabilities and trade set-ups based on one's own convictions in TA/EW/Harmonics/ astro and what not.

As we approach channels/trendlines and price-momentum divergence appears, we are likely to bounce. Otherwise,we may just pause and then continue downwards.

Today's doji candle on Daily charts is suggestive of neutrality/indecision..

First of we have to get an indication that a bottom has been formed at today's low.

That would come by ticks above 5792 which may take us to 5802-5820:

From 5802-5820 we are likely to fall again but not go below 5740-- and that would be the time to enter longs with stop-loss at 5738:

However,if we fail to go above 5792 then the drift downwrds would continue with first target of 5725

Does that mean we should go long at 5725??

No, not in any way. We have to confirm if we are going to bounce from 5725 or not and then only we should step-in to create longs.