US markets closed more than 2% down yesterday and its futures is again more than 1% down today. Most European markets closed near about 3% down yesterday and its futures are also more than 2% down today. Although Asian markets are mixed but most are more than 1.2% down therefore sentiment has again turned weaker and Indian markets slipped to more than 1% down.
Correction is on and Indian markets slipped from higher levels after some selling and testing of 5219 will be more weakness signal because that will mean filling of gap(28-10-2011). As today down moves are showing falling channel formation(bullish pattern) therefore expected that correction will not be much deeper and will finish above 5219.
Huge Global volatality therefore confirmation is must through complete consolidation patterns.As soon as it will develop then will be updated.
Correction is on and Indian markets slipped from higher levels after some selling and testing of 5219 will be more weakness signal because that will mean filling of gap(28-10-2011). As today down moves are showing falling channel formation(bullish pattern) therefore expected that correction will not be much deeper and will finish above 5219.
Huge Global volatality therefore confirmation is must through complete consolidation patterns.As soon as it will develop then will be updated.