Long Term Wave Count of Sensex - More Gains to Come in the Longer Term...!

Suzlon Energy... Getting Ready for a Party!

RANDOM VIEW OF ELLIOT ON SENSEX...

The Elliot puritans spare me, I just wanted to keep the analysis simple and based on view of weekly charts... Seems like, a final thrust is playing out in Sensex... so Bears should be get ready... My Elliot count shall be wrong if Sensex crosses 19,600.. cmp 18,560.

NIFTY ALTERNATIVE SCENARIO..

ELLIOT COUNT ON NIFTY

LAST SWING LOW 5360 IS KEY, IF THAT FAILS THEN THIS ELLIOT COUNT GETS NEGATED AND FRESH DOWN LEG WILL BEGIN...

SENSEX - Daily - Likely Wave Count

ly

SENSEX is hovering very close to the trend line resistance of ~ 18550...

DOW-ELLIOT COUNT

WAVE ANALYSIS OF NIFTY

Dow Jones - Daily - Time ripe to take cover...? Awaiting the deadly 3rd Wave - DOWN

WHAT VOL CAN SAY ABOUT NIFTY

ELLIOT COUNT ON DOW & EURO..

Dow flashing bottoming signal...

Tata Steel - Daily - 1st Target of 463 Achieved... But Down Side Not Done Yet...

First target of INR 463 has been achieved. But the pattern suggests that the downside move is not done yet.
Hold on to your "shorts"!!!

Cheers.

An alternative count on Nifty

On closer inspection I realised that a more conventional 5 sub-waves rather than 9 sub-waves would be appropriate. The recent decline though has 5 waves down move but they overlap each other, so it seems more like a developing double zig zag. Hence the decline from 5400 to 4800 has more corrective shades than impulsive. Thats why I portrayed an alternative scenario were the markets make a final suckers rally in June-July...

Nifty on very slow distribution phase

Reliance Communications - Weekly

Important Support: INR 131 (Previous Low), if breached, can go lower to the first target of INR 117. The final target being between INR 70 - 62...!

I shall review the call if the price reverses and breaches the resistance of INR 182 (I know its far... but its crucial.)

Cheers.

TATA Steel - Daily

Appears that TATA Steel has completed its 5 waves up to INR 701 on April 15, 2010. From there we have seen a steady drop of over 27% till date. The minimum down side target for wave C is INR 463 (wave C = wave A). The 61.8% retracement of the entire rise from March'09 low of INR 149 to April'10 high of INR 739 is at INR 374. Which is the second target.

Targets: 463 // 374

Stop Loss: 594 // 609.

Cheers.

Dow Jones - Weekly - DANGER AHEAD

After retracing 61.8% of the 2007 - 2009 fall, the Wave 2 appears to have completed... We now can expect the 'deadly' Wave 3 to resume the down trend. Looks like Greece has lent its hands to the bears.

Keep looking for further updates on this.

Cheers.

BSE FMCG Index - Weekly

The BSE FMCG Index has broken out of the Wave 4 'thrust'... We can expect this index to continue to trade higher in general...

Cheers.

SENSEX - Daily

Can drop to the first support of 16000...

Cheers.