BSE Sensex Elliott Wave Count

While the longer term takes some time to work its self out, i decided to post a 30 Minute and a 2 minute chart.
While the 2 minute chart already completed a five wave pattern down, this does not seem large enough in points or in time to be a wave V. Most probably this is the 1st wave of the larger wave V. As seen in the 2 minute chart this 1st wave might have already completed a retracement at 18547.01 or may have another small leg up tomorrow, followed up by an immediate failure to maintain any breakout.

Conclusion:
Within 2 days we should see lower prices, with a move down ending in the 17750 area

The Waves Take Hold of the S&P500 Part I

Finally i am smiling like an idiot. After almost a year of trying to count waves i believe i finally managed to pick a good entry for an S&P 500 short. The counts on a 5 minute time frame are followed by the counts on a one minute time frame.


S&P500 was shorted at 1347.50 with the use of SDS with a stop at 1351.00

The initial reaction was just as expected. If the count plays out we should soon fill the gap from 20th April (not seen on the charts) at 1312.70

Will update with new posts as this plays out...