This is what they call a one day chart with nothing but diagonal wave structures which are not important enough to spend all my time counting them out. What I’m after is the last peak of this run as India will not be unscathed in the comming deflationary crash. So far the Nifty has already turned and August may see the continuation of a bearish trend. Every new record high could be the last record high, and the record high for all of 2008. India produces many commodaties that are traded all over the world, so when commodaties implode so will the Nifty.
The record high to beat again, is 11,366 which peaked today. I have a strong following from India as I talk to traders about the Nifty in my neighborhood. Hopefully this peak will hold but otherwise, I have to keep it in mind that any extreme can still push to a higher extreme, before they implode! Without a doubt the world is going to suffer a major deflationary crash, where nothing including gold will hold up, except for the US dollar. My personal trading account is already mostly in US dollars and they will remain there for the rest of my life, as I prefer to trade in US funds anyway. When I convert back to CAD at any time, I get an extra 33% kicker to boot.
Gold and silver was in a 30 year mania bubble in 2011, and its crash and bear market is just starting to get going. India is also a huge gold market, so to say that bullion holders in India are not going to get hurt is an understatement. Even cotton prices are set to implode as all commodaties will take a hit.