Exactly a month ago, on 4th August, I presented you with technical analysis of India’s Sensex index (BESEN). In that Elliott Wave update of the Sensex, you saw that there was room for it to reach 16045 or 16115. Nothing has changed in the last four weeks to that outlook; short-term traders (and analysts) were busy trying to figure out whether perhaps the market has decided to end the rally prematurely. I did my bit and produced two charts, but you would have noticed that all I did was to urge you to start taking profits near the targets. It never pays to wait for the last 100 points when you are looking for a downmove of a few thousand points.
4 Comments
RAMKI, dont you think we r forming a triangular pattern right now on sensex and very soon this rally would end.
Hi Dinesh,
I still think we are not too far from the top. However the time to short sell will be AFTER we get a confirmation of the top. For now, we should only exit longs and wait.
We are tantalizingly close to 16045 as at the end of trading on 7 Sep 2009.
The Sensex with screenplay from you is now an interesting thriller. Will it be starting the reversal at 16045 or 16115? I think we will get the answer in just about two to three days.
respected sir,
I saw your profile and found to be very interesting.From many years I am generating intraday calls but could not understand the conceptof elliot wave analysis which i dont think its esay to predict.You are master in this profession and i have a sight to predict but to make reports explanation is reuired for which elliot waves are essential part please guide me how to intwerpret.
Regards
parminder chauhan
equity technical analyst
smc global securities Ltd