Between the count into today and the H&S pattern that leaves a topping range of 17,000-17,200. I expect this to be tough resistance.
Posted on Dec 7th at 2:00pm IST with Sensex approximately @16988
As usual realtime updates in the comments section.
Tuesday, December 6, 2011
BSE Sensex Elliott Wave Short Term Count H&S
As per an alternate count todays move to 17000 could be another short term top. But at the risk of another termination count getting blown out of the water by coordinated central planner illusions, i decided not to post a count. Instead i post something easier to comprehend. An old school Head and Shoulder formation on the daily chart that is in the process of forming a right shoulder. You can revert to the October 31st post for an explanation of the pattern.
Between the count into today and the H&S pattern that leaves a topping range of 17,000-17,200. I expect this to be tough resistance.
Posted on Dec 7th at 2:00pm IST with Sensex approximately @16988
As usual realtime updates in the comments section.
Between the count into today and the H&S pattern that leaves a topping range of 17,000-17,200. I expect this to be tough resistance.
Posted on Dec 7th at 2:00pm IST with Sensex approximately @16988
As usual realtime updates in the comments section.
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EURUSD Central planner sponsored rally wiped out! Hurrah for Capitalism!
ReplyDeleteA short when this was posted would have gained 1200 pts + as of the close today the 16th.
ReplyDeleteThis also gives plenty of leeway for the resolution of the head and shoulders. Importantly you dont have to get chopped up at the 15500 level trying the long or short side since you already have 1200 in hand. Sit back and enjoy the ride.
todays move to 16000 seems like another short term top. for those not in on the short side. short at market with stop at 16000. full post to follow.
ReplyDeletetime is IST 3:35 with sensex at 15863
lets say this is all a shorting area from 16230- 16311. post to follow soon.
ReplyDelete11th Jan. 1pm ist with sensex at 16193ish
Hi Jason,
ReplyDeleteThere are calls in the market from technicians stating that a bullish reversal in the medium term has started. With Euro breaking 1.2860, I find this is as a ridiculous call. But markets usually tend to seem that way at the start of a big move right? What is your take on Sensex now through your Elliott wave count?
Best regards,
Brad
October 2010 lows on the euro are at 1.25874. I guess we can always expect an overshoot, so with that i look at the euro @1.2476 and a channel on the chart gives me 1.25104.
ReplyDeleteOn the Elliot count for the sensex i have one count telling me a 5 wave bearish count is over but that may be a 5-3-5. so intermediate bullish while the 3 completes.
The alternate is that we are in a 4 of a 3 of a 3. OR a 4 of a 3 of a 1 of a 3. basically more subdivisions.
Check out the latest post should have some resolution in a week or 2.
Prechter and gang threw a teaser of the asian forecast while seemed bullish on india, so i assume they are going with the intermediate bullish or with a full out bullish count.
I just tend to think if the US gets hacked india will not escape.
forgot to mention... was in india a whole month. while the local financial media is whining about the markets, i didnt see front page articles with people holding their heads out side the stock exchange so i guess we got some way down to go.. lol
ReplyDelete