Nifty Mayhem – Are you Ready for BEARMar 08, 2020
Global Equity, Commodity markets are collapsing and everything is falling like a pack of cards.
Crude collapsed by more than 20% and Nifty was down by nearly 700 points at one point of time.
I have been talking about repeat of 2008 in past entire week and the same has been unfolding exactly.
In my latest webinar I have talked about financial paralysis and economic meltdown, if you did not see it on 6th March, see it over here
Following was mentioned in today’s morning research report – The Financial Waves short term update along with Elliott wave charts.
Nifty hourly chart: (shown in morning equity research report)
Nifty hourly chart: Happened
Following was mentioned in the morning before equity markets opened:
Anticipated: Nifty had a big Gap down on last day of the week and prices continued to trade negative throughout the day…. This was one of the biggest Gap we have seen in recent history measuring 327 points. Many are assuming this being the 3rd Gap should act as exhaustion but this being the biggest Gap in the entire fall one should refrain from catching a low here unless prices fill the entire Gap area.
Yes Bank fiasco simply raises the question on India corporate governance, RBI as they are supposed to be ensuring banks are adequately capitalized and SEBI – Yes Bank stock rallied by 25% a day prior and later the moratorium was announced thereby trapping majority of the retail traders or investors. The current scenario looks very similar to that of Lehman 2008 collapse which sent the global financial system in turmoil and Yes Bank is now a classic example that shows nothing is too big to fail. The repercussions that Lehman bankruptcy resulted were enormous and Yes Bank fiasco will only lead to jeopardizing the real estate, NBFCs, Bond holders, Mutual Fund houses and many more.
We are showing the internal counts of wave G which looks to be forming a bigger degree Diametric itself. Prices are now in wave (c) and 61.8% projection to that of wave (a) ………. So, it is best to avoid catching a falling knife and stay in the direction of the downtrend ……..In short, Nifty trend continues to be negative and one should avoid catching a low. Further move below 10820 will accelerate the selling pressure…..
Happened: Nifty had another Big Gap down opening near 10742 and prices continued to collapse from there without any bounce back. There is carnage across the board and many are sitting on the sidelines waiting for market to recover so that they can enter into the trend. Do understand current market scenario is equivalent to that of 2008 and only someone who has traded the chaos during that period will understand how fast the BEAR market moves.
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