Are things SCARY ahead ?

20th March  11:30 PM : 

First let me blow the trumpet of Technical Analysis and its beauty of interpretation.
This Sunday I had posted about Nifty crack and news will follow. Neither Cyprus fuss existed that time nor DMK .

Just a Week Back I had a long Analysis on SBI . Dig Back and you will be surprised how tick by tick things are dancing to the tunes.

Aren't you convinced TA should be hard codedly followed and news/triggers fall automatically in place?  I leave it upto you , lets come to the mission now :

Why the picture looks scary Now : 

BULLS Need a Gap Up else its the funeral Time.

There is a saying "Chartists draw lines to see what they want to see "
I have been seeing many charts across the board and find the quote worth.

Everyone is drawing channels trend-lines anyway they want to see their wanted direction.
That's Wrong. There are certain rules to draw channels and one should validate them always if the channel is getting respected by market prices or not. That is the only way "a playing channel" is identified.

If anyone remembers my validation of channel play in Tata Steel charts worked wonders while many were lost in their own desperate drawn lines.

NIFTY Daily Chart

Ideally , from a lay man perspective buy near channel lower line and sell near above.
But I don't take decisions without looking at one of the most important thing Volumes.

I repeat BULLS need a Gap Up / escape from lower end of the channel or else there is no escape.

I wish not but coming time there's gonna be lots of blood , sweat and tears.

A ray of hope : We break the channel downwards and clock a new low (not deep enough) putting up a positive macd divergence in daily charts and prices re-enter to the channel zooming all the way up  to the upper end of the channel. But it should take time to develop. May be it will suck out this expiry. Who knows how many days nifty will take to re-enter the channel. Its too early to thing about trading in this expectation.

SS