Re: Elliottwavecount for SENSEX
I have made a small change to my minuttee wave i (circled). Earlier I had indicated that this wave ended on 30nov.,2005.
But keeping note of subsequent developments this wave ended on 23dec.2005 after completing a subminuttee wave (v) ending
diagonal. There after minuttee wave ii (circled) retraced this ending diagonal wave (v) 61.8%. Generally ending diagonals are retraced
completely by the subsequent wave.But this incomplete retracement shows the bullish behaviour of the markets.The wave ii (circled) was completed on 27dec.,2005.This minuttee wave ii(circled) retraced minuttee wave i (circled) only 23.6%. Therefore these two
fibonacci retracements portrays that mood of the traders and investors is uber bullish.
The subsequent wave development is shown
in my hourly chart of sensex. In this case minuttee wave iii (circled) began on 27dec.,2005. so far subminuttee wave (i) is in the
final stages of its development as can be seen on the hourly chart. I hope this wave (i) will be completed somwhere between 9679.72 the wave iii high and 9867 the wave equality target with wave i. Since wave iii has extended waves i and v should tend to equality
Though the first target for v is top of wave iii. This wave development should be completed early next week and, there after I expect
Indices to go into consolidation mode in the form of sub minuttee wave (ii).
Regads,
joyverma (vinay)