Please see the pic attached. As discussed, the correction of the fall from 17735.70 on 5th May 08 to 12514 on 16th July 2008 is being witnessed. The fibonacci levels fall as follows (as marked by dark purple colour in the chart): 23.6 % at 13769, 38.2% at 14510, 50% at 15130, 61.8% at 15757, 70% around 16172 and 76.8% at 16563. 200 EMA is at 15734. 200 DEMA is at 15380. SO all in all 15700-16180 is a strong resistance zone. The sensex seems difficult to move beyond these levels.
On long term charts, 50% retracement level to rise from 4227.50 to 21206 is around 12716 which has been tested. 61.8% level is at around 10713, 70% is at 9321.
The sensex will surely hover around 12716 levels before crumbling to 10713 and then last leg of the fall would bring it to around 9321. THIS WILL BE THE LEVEL TO FINALLY ENTER INTO MARKET WHEN GENERAL PEOPLE WOULD THINK OF SENSEX MOVING TO 7500 LEVELS.
Jupiter – Rahu conjunction will occur around Mid February 2009. Alternate Mercury retro period will occur from 11th January 2008. Jupiter – Uranus Sextile will occur in Mid November 2008. Mars- Saturn Sextile will occur on 29th October 2008.
Looks sensex to hover around 12500 till mid november, then in january 10700 and after Feb mid will start the journey for final bottoming out at 9321 levels.
Rest All is GOD.