NIFTY Outlook for 29th Dec 2008

For some of my friends in India, here's a view on the NIFTY index.  It looks like it is set to move down to the 180 degree level of 2767.  There is the possibility of it moving further down.  I will update the chart after trading closes for the day.

FTSE Outlook for 29th Dec 2008

The markets open on Monday.  What can I expect from FTSE?  Looking at the chart on the left, I see price following the red diagonal line downwards.  That pretty much convinces me that FTSE is likely to visit the nearest support level of 4019 which incidentally is a 180 degree move on the Square of Nine.  

Do I expect 4019 to be hit on Monday?  No.  I think it will take a few days.  Interestingly, the trading range we saw on Friday was the narrowest of the last seven days.  The possibility is that a breakout (in whatever direction) will lead to a large move on Monday.  I will be waiting for initial signs for direction and ready with my finger on the trigger!

FTSE 24th Dec 2008

Here is how FTSE looks the end of 24th Dec 2008 (daily chart). From what I see, FTSE could either move UP to 4547 (that would be a perfect 360 degree move on the Square of Nine) or it could head for a collapse towards 3506 or so. Which will it be?

FTSE 19th Dec 2008

Notice how FTSE clings to the 45 degree angle line providing excellent shorting opportunities!

FTSE 17th Dec 2008

Here's a very interesting move by FTSE. From the point where I've anchored the grid, you can see how FTSE has moved a precise 45 degrees on the Square of Nine.