The big question here is whether the top on July 1st the end of a 3rd wave or the end of a 5th wave.
1. If it was the end of the 3rd wave then the Sensex has a little higher to go probably (19,000-19,200) after a brief pullback probably to the overnight gap up from June 29th (18,506-18,598). And then finally all the way down through the Feb and June lows.
or
2. If it was the end of the 5th wave then the Sensex goes lower and breaks all the way through the Feb and June lows.
I give the first scenario an edge based on smaller counts which could be debated.
Summary
Short term traders could monitor the (19,000-19,200)levels to see if they hold.
Long term buy and hold can start selling immediately.
Fridays high(19131.70)satisfies the(19000-19200) target.
ReplyDelete!!!! Update !!!!!
http://jrodperspective.blogspot.com/2011/07/bse-sensex-elliott-wave-count_09.html