Sometime back, I had suggested in one of my articles that Nifty might move towards 2650 levels by 24th Feb. The date was sometime around 12th-15th Feb. The reason was, I spotted a bearish wave on the Nifty daily charts then. Now given the current trading levels of US markets, maybe my prediction will come true tomorrow morning. But then, anything can happen overnight.
The biggest threat is now S&P500 which is just 10 points off from its Oct intraday lows of 740. If that breaks, it will be tough to stop a global panic now. Dow has already fallen from higher levels and is trading at 11 yrs low. The support has been broken and now it might move anywhere till it wants to take support. Gold is still balancing the whole situation but definitely it will face the biggest challenge to maintain at this level. If gold breaks, for any chance, and S&P500 closes below 750, the hell might break loose. Lets sit back, relax and enjoy our work. Lets see what recession can really mean to us.....
The biggest threat is now S&P500 which is just 10 points off from its Oct intraday lows of 740. If that breaks, it will be tough to stop a global panic now. Dow has already fallen from higher levels and is trading at 11 yrs low. The support has been broken and now it might move anywhere till it wants to take support. Gold is still balancing the whole situation but definitely it will face the biggest challenge to maintain at this level. If gold breaks, for any chance, and S&P500 closes below 750, the hell might break loose. Lets sit back, relax and enjoy our work. Lets see what recession can really mean to us.....
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