USDINR & BSE Sensex

This week i will be playing special attention to the USDINR which i think will give us clarity on the direction of the sensex. Once i have that I will post a separate BSE Sensex count.
The longer term version of the below chart that can be found here, demonstrates the importance of these levels.The old red trendline was already broken and now very soon the USDINR will launch an assault on the new black trendline. Closing above this trendline is going to be trouble for the Sensex. The USDINR intraday can can be found here.

BSE Sensex Elliott Wave Count

This post could have been labeled the "2 Week Senseless Sensex Guide." Expect a lot of volatility and a post from me every week.

The chart below is an updated chart of the chart i first posted on April 17, 2011. We missed the 17750 target by only 36 points.


The market has completed 5 waves down from the 14th of April to the 25th of May and is currently retracing the down move. As part of that retracement, we already got one up move and I now expect a move down to 18072-17786 by possibly 7th June or 8th June and then finally an up move whose targets i shall determine once we complete that down move this week.

GLD Throwover??

Gold from a short perspective looks interesting both on a short and long term chart with similar patterns on the 30 minute and the weekly chart.

The 30 minute broke the rising wedge upper trendline and then crashed below it after retracing approximately 76.4% of the down move from 2nd of May to the 5th of May .

The weekly chart also has potential to look like a throw over if we have a couple of down weeks, that ultimately break the bottom trend line.
This might be the start of a major sell off in gold.
Intermediate Target on GLD 146.00