I was expecting corrections and though we have been going down , its been very SLOW. Theres hardly any pace in the downtrend . The reason is the VERY SHORT TERM technicals are inside OVERSOLD region . Most of the time to HUGE 100 points FALL , are accompanied by VERY short TERM hourly Technicals TURNING from the OVERBOUGHT region . Now not only the Very SHort term Hourly Technicals are in Oversold Region , But also the DAILY technicals. Though there have been occasion where we had 100-150 points FALL in these conditions ,but its rare and are accompanied by VERY BAD news .
Today Nifty rested in that Trend line . I am not short now . But I expect the Nift to move a bit higher from here . Before making another Plunge down .