Looks like we are still headed down to fill the gap at 1038 on the day session ES continuation chart.
Thats what happens when you have a parabolic move up, without any consolidation. the fall is most stunning.
Seems I was a little early with my analysis... http://www.elitetrader.com/vb/showthread.php?s=&threadid=26753 "From a trading perspective I am wondering what could signal and end to this run. Is there a possibility of a crash here in the near term? Is there anything pending which could spook the typical Indian investor or foreign investor? Is this run do primarily to Indian nationals catching the investing bug or foreign funds bidding up the stocks? I have quantitative means of determining the crash hazard level and can say from a cursory analysis that the Indian index is at risk. I am just wondering if there is a potential catalyst that could trigger a reversal. You have to have a catalyst. You just can't short something because it has gone up too much." . . . "I ran some very subjective nonlinear forecasting on this index last night and found that if there is a systemic natural instability in this market it should manifest itself in a crash scenario in March 2004. Again this is somewhat subjective procedure but is something to consider nonetheless."