Tuesday, August 9, 2011

BN, downtrending, continues to be in sell on rises & Hold mode till closes above LEma..

Watch the resisting "Trendline-Supply Line"...Prices-demand should outstrip that line-supply convincingly. If not, the slide will continue after a "Pause for 1 or 2 days".
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Short term (Hour TA) has reversed yesterday. A likely zigzag of (iv)th wave targets:
a: 9921 to 10424=503 points
b: 10424 to 10055=369 points(73%)
c: 10055 + 503 = 10558 (Coincides with 50%-61.8% retrace & the recent high-10482, weekly pivot @ 10523.)
Channel resistance comes around 10450.(ivth wave generally breaks the channel but do not sustain)


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