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End of the Nightmare: Has the Sensex bottomed?

March 30, 2008

Two weeks back,on a Sunday exactly like this, among some very closed friends of mine(all market watchers), I talked about how we may see some more downside to the financial markets. Ironically, the next day,the market tanked. 900 points straight.

Nightmare at the D-Street

Off late, I am of the opinion that, after the fall of the last to last week, maybe we have seen enough of the bottom. Why? The Sensex once again tested the 50% levels of the Fibonacci retracement of the bull run starting from May 2006. But when has market heeded to our predictions. It is a beast of its own, with a life breathing in itself. But dare I may say, the perhaps with a very positive movement in this week, we may have seen a very huge change in the breath of the market. I am expecting a very cautious bull run to start.

But again, the question persists, is this the beginning of the end of the bottom?

Update: 31st March, i.e. today we saw some downside movement. An almost 50% retracement of the 1280 points rise of the last week. So can we expect some upside tomorrow and day after tomorrow?

Update: And it feels really great when your opinions and beliefs are validated. Seeking Alpha posted today i.e 9th April this post where they have talked about possibly how we have bottomed out! Bravo Jump!

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