Perspective : The bounce off the lows yesterday nearing 200 points, RM's wonderful charts of the MO which are displaying extremely oversold values, seem to be indicative of a bounce in store. Generally such counter reactions tend to be violent, and if the lows hold for the next two days, we should rally by 6-10 % over the next 4 weeks.
Back Ground :-
1) Huge gap between 5325 and 5233 which is a single print seller.
2) A failed auction at 5233
Chart Speak :
1) The last failed auction at 5388 produced a new initial price move ( IPM) which took the market to 4950.
2) Strength above this recent failed auction at 5233, will be a new IPM.
3) Longer time frame buying from 4950 to 5010
4) Today will be day three for the FA point of 5233.
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