Friday, August 5, 2011

BSE Sensex Elliott Wave Count H&S

I will post a long term Elliott wave count chart when it becomes clear and after the chop is done with. In the meanwhile, i would like to draw your attention to the weekly chart of the BSE Sensex where a massive head and shoulders formation is almost complete. Todays candle is not yet shown but the market closed at about 17305.87 which is almost at the neckline. Either up or down we will soon find out.

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2 comments:

  1. BradAugust 15, 2011 at 9:12 PM

    Could you please update the Long term count?

    Many Thanks,

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  2. J RodSeptember 8, 2011 at 5:15 AM

    @Brad looking for a typical test of the neckline (17300-17500)and then a collapse.(http://www.chartpatterns.com/headandshoulders.htm) A measured move would put us at approx 13000 on the Sensex.
    Will follow up over the weekend with a longer term count count.

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