As mentioned on 18th Oct. 2008 that market is into making the bottom, The level of 8799 zone that I expected to be as the weekly low actually became the last lowest weekly close at 8701 for sensex. Sensex touched the intraday low of 7697 but closed the same week at 9788 which again was very close to my expectation of 9779 for the week in which the market touches the lowest point.
As per my analysis the market has made the bottom and now market should move towards 12500 zone from where a strong corrective wave can re-start and if this wave is not able to take the market below the recent low of 7697 then it will be a confirmation that market has made the bottom and the next big up move has started.
