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This index was rising with lesser conviction since march and finally the uptrend has ended up with a head and shoulders pattern. Overall, the outlook is not very positive for the short term. Medium term is also under threat because of negative divergence in momentum indicators. A close below 7960 would confim further decline [...]
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S&P500 : The short term uptrend in this index seems to be over. Momentum oscillators are almost into the negative territory that no fresh short-term long positions would be advised in such a scenario. However, it would be too early for Medium to Long term investors to throw in the towel.
Immediate strong support for [...]
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Following is the envisaged wave count for all the major stock markets. This should give a broader picture of what could happen over the Medium and Long term. (Short term trend followers may delve into more elaborate details in short term charts).
There could always be some unanswered questions while following wave patterns, but they are [...]
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