Now that the downtrend has its claws firmly in place, its time to take stock again. . .My biggest fear still remains the earlier bottom of 2550. . .which i suspect will not hold also. . .Because as I have mentioned earlier if we break 2550 then it means a long phase of finding a new bottom, then retesting the new bottom and then moving up!!! Phew long process!!! Alsotheres now a talk of Nifty touching 2000-2100, well I dont buy into that as no one can predict the levels accurately, its just the direction that one can give, hence currently the trend is down, but where this will lead to is anyones guess . . .
I have been reading articles on various financial portals and most of them are of the opinion that the world economy is just getting into the worst phase ( I hope they are wrong!). . .but if that is indeed true then it means that markets have another 20-30% more to go from here on the downside. . .Anyhow the charts are currently indicating that we are in a negative zone, the negative zone basically started from 9th of January and it looks like this current downtrend will last till the expiry at least. . .we might see some small upmoves but till the time Nifty decisively breaks 2750, even the small uptrend will not hold. . .
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