While the Indian market is generally still in a bull market trend.
Most of the stuff that we have been looking at, they are generally moving in an uptrend,
but this has been going in a downtrend.

So the thing is has it shown enough size to tell us that things are about to change? If you ask me, no, it hasn’t shown any signs that it has about the change. Even remember the common thing that I often say you need to use is looking at the lower, the higher low and a higher high to see whether it’s going on an uptrend. So even if based on this, do you really see a higher low and a higher high yet? Not at all, right? Because actually for this part, the higher low is actually considered too minor to be considered a higher low. You need to see something of this nature.
So you probably would have to see some moving it lower and bounce off before you can consider as a higher low.

So, which means technically this particular movement or this based on the last one to two months, we have not even see a higher low yet.
This is basically, the X is basically a single move, if you ask me.

A single move, we need to see some kind of a higher low bounce off, come back with you and go higher before you can even consider it as a higher high.
So I think you will take a while more. You will have to at least wait for a significant correction before determining it as a higher low.

So which means this is still works in the progress and in any case, in a pretty strong and clear bull market, I wouldn’t want to focus on those that are down trending. Yeah. I’d rather focus on those that are the leaders. They are trending higher and they are consolidating for another next move to happen.

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Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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