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.
India’s Sensex: Technical Analysis
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