Daily charts:
- trend is down on daily charts (wef today)
- today nifty closed 2.5% in negative at 11662
- AD was 2:7
Expecting lot of comments why I did not warn earlier
- note trend was down on hourly charts from 12224 (https://www.vfmdirect.in/2020/01/market-outlook_20.html)
- above post also mentioned of huge bearish engulfing bar
- weekly charts show rising wedge/ nifty at stiff resistance
- yesterday made a 3rd part post about possible 10% correction
- PE ratio above 28 has been a problem for a long time
- indicated close below 12000 will be a problem/ trend reversal
Looking forward
- retest of 11800 and maybe 12000 possible
- but this damage to structure, volatility will be there for some time
- this is because new people will like to short and people who could not exit earlier will attempt to exit on any bounce
- next support 11200
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj68Qcb0n5plFxUc19mc1SHRVWg-fy6a4sWoPck6jWlgJL-MNM7vWIMau-hbnN-YFrdeWDaX0kFPF-FWvPwQ4G4PgSOPD5AfUShyphenhyphen3FaaQk1RX7EMb6GMHs6wzdjonGaFryLf1RKQiBbjOYz/s640/a.png)
Intraday chart for reference only
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLnAPgO_U67f88IWTwl80oDq01sovMx6SgWehXtw2k49YFnXGUVIXFiphmXjl3I0TY1sRVmX7h60bNM2IxQQ_obyNieSA6ReBiG8-luxRAqC_tOEUlmAOcbGzu4UDS1SydfUqY5dBaX4Xn/s640/a.png)
On a different note: this is what FM said on the market crash
![](https://blogger.googleusercontent.com/img/proxy/AVvXsEhUDOzJJ1zPe1pGrJHVuScCvrQ5udwbV9-eN13GaqreNmIHX-7M6gY4d29NsRbm-B53x2rmLXaRNrW-6-Er4P1hx8oopcoomRnfN7EHvRfjixtkjL82jtTaWkCVWrQxOADG_t_FNRFlqcN3ehFF5yhKB-I1HNMKK9O9pGhn7BQ7X0lQUsYJd24=s0-d-e1-ft)
- trend is down on daily charts (wef today)
- today nifty closed 2.5% in negative at 11662
- AD was 2:7
Expecting lot of comments why I did not warn earlier
- note trend was down on hourly charts from 12224 (https://www.vfmdirect.in/2020/01/market-outlook_20.html)
- above post also mentioned of huge bearish engulfing bar
- weekly charts show rising wedge/ nifty at stiff resistance
- yesterday made a 3rd part post about possible 10% correction
- PE ratio above 28 has been a problem for a long time
- indicated close below 12000 will be a problem/ trend reversal
Looking forward
- retest of 11800 and maybe 12000 possible
- but this damage to structure, volatility will be there for some time
- this is because new people will like to short and people who could not exit earlier will attempt to exit on any bounce
- next support 11200
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj68Qcb0n5plFxUc19mc1SHRVWg-fy6a4sWoPck6jWlgJL-MNM7vWIMau-hbnN-YFrdeWDaX0kFPF-FWvPwQ4G4PgSOPD5AfUShyphenhyphen3FaaQk1RX7EMb6GMHs6wzdjonGaFryLf1RKQiBbjOYz/s640/a.png)
Intraday chart for reference only
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLnAPgO_U67f88IWTwl80oDq01sovMx6SgWehXtw2k49YFnXGUVIXFiphmXjl3I0TY1sRVmX7h60bNM2IxQQ_obyNieSA6ReBiG8-luxRAqC_tOEUlmAOcbGzu4UDS1SydfUqY5dBaX4Xn/s640/a.png)
On a different note: this is what FM said on the market crash
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