Yes I know what you are thinking. Talking about a reversal when the Sensex tanked by 570 points and Nifty by 173 points - reversing yesterday's 700 point charge.
But reversal is what the Japanese Candle sticks method is saying. The three candle pattern (formed in last three days ) is called a 'Stick Sandwich' pattern which is suggestive of a short term reversal according to the Japanese!
The theory goes that if these three crucial days low is not broken, expect a short term upward movement. Time of course will tell us.
I will be watching out for the crucial 3980 spot Nifty level for tomorrow. Also, if the crucial 3850 support is not broken then we may say that the Japanese are right!
Happy roller coaster rides!
CA Rajiv D Khatlawala
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