Dow Theory on Nifty50 chart

30 Ara 2024

DOW THEORY UPDATE-
After New Dow Bottom "X", now we have made new Dow Top "Y" as well. By seeing market condition, I feel X can be broken soon but if we cross the Dow top "Y" first then that will ends the downside officially.

* W is the previous significant swing high here.

* X is the current significant swing low here.

* Y is the current significant swing high here.

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As the significant Dow Bottom (swing low) "X" has been broken, it is clear that market is officially in downtrend.

But if you see the PE ratio of market then it is not at expensive level now, so I am not expecting very much big fall from here but now we should not attempt any aggressive buying till we see a proper reversal.