SENSEX 30

ARE WE EXPECTING WAVE B TO START...

Sensex is offering heavy resistence at 13400 despite of closing the gap. Fo the last few days the Sensex is just hovering around the 13235 which is the 38.2% fibo resistence of the 14723-12316 decline. Unless we see the Sensex to sustain above the 13235/13400, Wave B wont get underway and we'll stuck in the Wave A. Currently the Sensex made the bottom at 12316 where i label it has the end of Wave A. So possibly we're into the Wave B. So here i can suspect this raaly might take us to the level of 13800 or even 14200 (which is the 61.8% and 78.6% fibo resistence of 14723-12316 decline). Well the support comes at 13072/12965 here it formed the gap. Then the next one is at 12460 which is the 38.2% fibo support of 8799-14723 rise. And the last major support comes at 12316 which is the 03/16 low. Daily indicators like RSI is just hovering around its mid-point level and Daily CCI is just getting to dip below from the extremes to set the sell signal. Andin the coming days we might see some heavy resistence or some more consolidation, Bollinger Band's upper band is keep continuing the vertical fall and its getting closer to 13400. So over all we're in the 5 Wave up correction, labelled as Wave A-B-C, in that we might got rid of the Wave A, andmost probably we're into the Wave B, still not confirmed. On the weekly chart Sensex formed Piercing Line pattern.