UPA Winning? - What Charts Say - Santosh Gundecha

It is said that charts speak. We are on the brink of a massive event which is the UPA government's Vote of Confidence in Parliament. Today, Nifty future just broke the Falling Wedge on upside at 4050 levels. It may still be borderline, however we have broken to the upside. The next targets are 4185-4220 and then 4320.

Now, how do we use this chart to learn if the UPA is winning or not. I am not looking at any other view or news. Just trying to read the chart. It is a difficult task but I am using this attempt as a Case Study. If we trade above breakout level of 4050 on Monday and Tuesday , we can safely assume that UPA is winning the vote of confidence.

I know I am making a big statement. All analysts will start saying this after result is declared, but I am sticking my neck out .

The Other View

This you may say contradicts my earlier view but please read between the lines. We are more interested in the markets, and its movement. If we trade above 4050 on Monday and Tuesday, we are surely going up.

Let the UPA win or lose. The scenario is as such: We see a small blip on July 23, people get trapped in shorts, and the market starts to move up. So please be careful if you are shorting after the results are declared.

Please note that all that I have written are merely guesstimates, and my attempt to predict political events on the basis of price action on the charts. The condition here is that the market stays above 4050 for two days.

The last but not least, my favorite subject: Astro views. Let's hope Saturn and Mars are cooling down and helps market.