Technical Analyst who called Nifty "Dried Camel Dung" admits he was wrong

Discussion in 'Must-Read Interviews, Articles & News Items' started by Arjun, Jul 6, 2020.

  1. Arjun

    Arjun Chaprasi Staff Member

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    Bulls capture Mount 10800

    Today was a red letter day for the Bulls of Dalal Street because we finally managed to wrest Mount 10800 from the clutches of the Bears.

    Not surprisingly, there was not much resistance from the Bears and they caved in meekly.

    This is because the Bears have so far been deriving inspiration from the sayings of Peter Brandt, a leading expert on technical analysis.

    Peter Brandt has been propagating a number of doomsday prophecies for the Nifty and warned that it is likely to plunge to the depths of 6355, which implies that the Bulls will suffer incalculable losses.

    A few days ago, he also pronounced that the financial outlook of the Nifty is akin to that of "Dried Camel Dung", implying that it is hopelessly overvalued and has nowhere to go but down.



    However, today, Peter Brandt canvassed the theory that the "Chinese stock market has begun its ascent into the sky".



    Some vigilant observers immediately confronted him and demanded to know as to how one could be bullish China and bearish India given that all Asian markets have similar fundamentals.

    At that stage, Peter Brandt gracefully admitted that his analysis about the Nifty had been proven wrong.

    "No way can be I bullish China and bearish India," he declared.

    He also provided a laborious explanation for the change in his stance.

    "Lot's of things can happen in different time frames. China has been in a massive sideways correction to its economic miracle. I had expected India to do same -- and that thinking may have been wrong. The Indian correction from 12400 to 7370 may have been the full extent of fall," he said.

    He also confirmed that "It will be very difficult for India to enter a bear phase against this backdrop", implying that his previous doomsday targets for the Nifty are scrapped.

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    Obviously, this change of stance spells good news for all of us.

    We can now confidently resume our punting activity without any fears of being waylaid by the Bears!
     
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