In 2004 market held on sideways till almost mid april
The final carnage started in may and the carnage was over by mid may/june of 2004.
In 2004 it was due to a change in the govt, bjp lost and the left coalition came into power with congress (congress part wasn't necessarily bad, it was the left coming into power that scared off fiis :), just see what they are doing to cement/steel prices and you will understand)
So: What will be the final trigger this time????
Problem in the middle east?
Lower infy guidance?
(btw infy guidance expectations are fine = 30% in $ term but re guidance could be 23-25 which is on the lower side)
More monetary tightening?? Crr hike+repo hike due to sustained inflation trouble??
I don't know :)
Now remember that the C wave if/when it comes
under 355x and 200 sma has the potential to be a very nasty move.
Remember fear>>greed
:)
all correctives should be contained by 3971 area which is the initial collapse level and 0.618
just as 1931 or so was the corresponding level in 2004.
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