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Friday, April 1, 2011

Massive resistance AHEAD

The daily chart tells it all. One can  name it X of WXY or B of ABC . The 61.8% retracement at point 5895.

The upper channel trend line and also the blue trend line joining the previous 2 tops , meet at the same point.
.And what more , we can also see that fibo fan 23.6% line sliding along. Can the bulls clear that .You decide.

So how are we going to get there. The below chart has some ideas .

I am not exactly sure how the above scenario will play out. It may be a simple ABC or it may be WXY. Lets see 15 min chart below of this little correction .All you have to do is trade the channels.

All I can say is at least once we should come down to touch the lower blue(or orange may be ) trend line around 5750 area.

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