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
Missed the 17750 Target by only 36 points which i think is pretty good.
ReplyDeleteThe 4th waves in the first chart and the retracement in the second chart both took their time extending.
New Count to follow: As of now the April 17th Count where i first mentioned the 17750 is still valid and can be found here.
http://jrodperspective.blogspot.com/2011/04/bse-sensex-elliott-wave-count.html
Latest count now updated.
ReplyDeletehttp://jrodperspective.blogspot.com/2011/06/bse-sensex-elliott-wave-count.html