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After a long range bounce movement ,since our last report published on 24 January 2009 , where it was on verge of touching down the lower channel line of correction (click here for the last report as technical alert<http://www.iicmindia.net/techalert24jan09.htm>) .We have clearly mentioned that market need a sharp bounce back otherwise it'll fall sharply . The bounce happened and nifty continued to trade in a range of around 2700 to 3000 . Again it has broken down below previous level of around 2706 where we came out with last report , so we need to analyze things again. Technically , there is a cruel fact that , if market has to correct and it is taking much time before it , the chance correction becomes deeper . in simple words, longer the time taken ,deeper the correction .Its always better to have a sharp correction than a slower one . Time taken makes it deep . So this range bound movement of 1 month has taken away the lower channel line more deeper . At the time of last analysis nifty was meeting lower channel line and this time it has started a journey toward lower channel line again , but it might hit that line on much deeper level , around 2420 . So technically this fall might end at around Nifty 2420 levels to get a significant bounce . Longer the time taken in correction deeper the correction goes. Scenario may reverse if Nifty close above 2800 levels. -- Invest for better future , not for better tomorrow IICM -investCraft Team www.iicmindia.net --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
