Wishing you all a very Happy & Prosperous 2011 !!! |
| Sensex looks to have bottomed out near 19100 levels in the form of 3 wave complex correction and started the next leg up |
| 3.25 Time Cycles have been pretty accurate in predicting the turn and Sensex bottomed out very near to the Time Cycle |
| As we have shown previously, Banking sector also has given an upside breakout lately and should form a new high along with major Index |
| Stocks like SBI, LnT, Siemens, IDBI, Tatamotors, ICICI Bank, etc which have been laggards since past few days/weeks have given an upside breakout in 2nd half of last week. Heavy weights like this moving up together should take Sensex to all time high before a major correction sets in |
| Wave counts suggest that we are in minute wave iii of wave [v] and this iiird wave should reach atleast 21000. Looking at wave [iv] degree it looks unusually large compared to wave [ii] and so we are open to the possibility that we have just completed wave 2 of 5 and there are many legs up yet to go. This is very bullish scenario but lets keep this as alternative for now till we get further confirmation from price structure. The degrees of waves might be confusing so in short both scenarios are bullish in short term and suggest new life time highs on Sensex |
| We will have to re-evaluate the wave structure if 19550 level is taken out on downside that will suggests a more complex correction is underway. Till then enjoy the ride as long as it lasts!!! |
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Have a great year 2011 Sir
ReplyDeleteMy 2 cents 2 indexes.
Great 2011 Ashish kyal
New updates
DAX - Daily/ Weekly and Monthly Market Thought 02012010: Folks what need to know about DAX30 http://bit.ly/hDn0u1
India's Sensex Market Thought 01012011 http://bit.ly/gHNp2V
Enjoy sunday
Elliotwaves do not give a correct picture with RSI. You would be better off trying some other indicators like 3 - 5 moving averages.
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