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NIFTY- AUGUST 6, 2009 PERFORMANCE FEEDBACK
Figure 1: August 6, 2009 Forecast
Figure 2: Nifty Actual Price Action
Figure 3: Trend Lines Proving as Support Levels as Forecasted
Initial Forecast
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In my NIFTY- August 6, 2009 forecast I wrote:
§ You can expect NIFTY to retrace to the RED trend line identified in Figure 1.
§ The RED line should support prices. Yet, an even more significant supporting trend line is the green trend line.
Figure 1: August 6, 2009 Forecast
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Actual Price Action
§ The RED trend line, as shown in Figure 2 and Figure 3, momentarily proved as support. Upon downside penetration of this trend line, it reversed its role and resisted the NIFTY from significantly penetrating above it.
§ Furthermore, the GREEN trend line supported the NIFTY until October 22, 2009- 77 days after my forecast.
§ In my forecast I had written that a downside penetration of this green trend line should see the NIFTY carry down to 3900. Just to clarify, this would be valid if the green line had not supported NIFTY at that time. Now the retracement levels will be different. Thus, the 3900 retracement is no more valid.
Figure 2: Nifty Actual Price Action
Figure 3: Trend Lines Proving as Support Levels as Forecasted
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Sanjeet S. Parab
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