Two consecutive closes above the prior significant high means we should re-evaluate the wave counts and this has been done on the chart. The main suspect until this time is what I have labelled a 5th wave of the third wave. That looks like a 3-wave movement withthe 3rd leg measuring the same as the first leg. However, we now have to go along with the view that the 3rd leg was actually an extending wave within the aforesaid 5th wave itself, which is why we got a swift down move as a 4th of the next degree. We are then currently in the 5thwave of the sequence that started off back in Q4 of 2008. The targets of this fifth wave are mentioned on the chart, and we should go with that view in our trading activities until proved wrong by subsequent movements.
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Dear Ramki Sir,
Happy new year to you.
The technical view supports the popular view that fresh allocations from fund managers in the new year will give a further upward momentum for the Indian markets.
The markets in the short term are also expected to move up (as usual) as we move closer to the budget.
It would be interesting to have your views on sectoral indices (IT, Banking etc.)
Regards
R Sathyamurthy
Happy New Year, Sathyamurthy.
Any fresh up dates on the sensex / nifty (NSE)
Could you let me know your latest views
Sir please give the views on sensex for the latest…….. sensex is almost beating the 17700 area….. sounds very crazy and may expect the unexpected……. now both sides looks wired…..
Ganesh, The Indian stock markets continue to trade higher, and I won’t be surprised to see 18,600 initially and maybe even 20,550 unless the Central Bank (RBI) does something to dampen enthusiasm.
thank you very much for replying to my comment and for your advice…
can u suggest me a good book for elliott wave theory..
also i want to make investment for long term in indian market can u suggest me a level where i shld consider deploying my money in parts. as of know i dont have any investment in mkt except for my sips in mf which i m continuing…
thank again for ur guidance…
Kamlesh, Robert Prechter’s book is a good starting point. Good luck with your investments. At present I dont offer investment advice to individuals.