Elliottwave count for SENSEX

[kkseal]

Thanks Winstonn & Amit for your analysis.

Looking forward to your views in the New Year too.

And echoing ToxicExp, May the Green prevail!

Wishing everybody a Merry Christmas.

Warm Regards,
Kalyan.

 

[Spiderman]

Hi winstonn& Amit,
Here is something more.




merry X-mas for all members.spiderman

 

[rkgoyal_98]

Hi all

Dear Seniors,


I was reading the report in Hindu business line and am quite confused with the same. Kindly tell me what the auther is saying. It is not written on what basis he is saying what he is saying, can anone tell more about the same

Here is the link for table
http://www.thehindubusinessline.com/2006/12/23/stories/2006122304041300.pdf


"Bull run continued over Friday's trading activity. The sentiment reading of the tradable counters changed to bullish. Bear move on Monday is likely to change the sentiment reading in their favour. On the contrary, the prevailing bullish sentiment is likely to be further strengthened. "

This Appers to me only a chance without anything technical.
Is my view true ?

The short position in the December month contract exited and entered long. The long exit and short entry levels are placed quite far away from its last traded price.

What are long exits and Short entry levels for Tuseday

STOCK FUTURES
The composition and the ranking of the top-10 tradable counters had no changes. The top-3 tradable counters in this segment were Tata Steel, Century Tex and India Cements.

All the counters in the top-10 tradable list are likely to be under threat for Monday's trading.

Why and what is basis

There are two buying opportunities likely to exist at Bank of India and Tata Motors. On the other hand, there are ample selling opportunities for Monday's trading.

The best is likely to be selling in State Bank of India. This counter is in uptrend. Bear move on Monday is likely to reverse the existing trend in this counter.

What is basis for this

The composition and ranking of the top-10 tradable list had no changes. There are four uptrend and six downtrend counters in the top-10 tradable list. Three uptrend and five downtrend counters are likely to be terminated during Monday's trading. There are each five opportunities on both the sides of trading.

What can be basis for this

The best is likely to be buying in BHEL. This counter is in downtrend. Bull move on Monday is likely to reverse the prevailing trend in this counter.

???

The report in the end says

The author is a technical analyst and fund management consultant.

 

[toxicexpulsion]

I have read these words somewhere - "Sensex in already downtrending, in what could be a prolonged bear market"

 

[kkseal]

I have read these words somewhere - "Sensex in already downtrending, in what could be a prolonged bear market"

Fear is good.

Whatever happens i'll just have my SLs in place & be off for a holiday. Have worried enough. Need a break. No trading till 1st Jan.

BTW there has been short covering in Dec Futures & Short additions in Jan Futures.
And as far as the index stocks are concerned sectoral rotations are likely So stks that have moved up in last few days will come down & vice versa.

 

[toxicexpulsion]

Interesting point. Short additions in the jan futures. So we can actually expect the markets to move higher in the next few days.

 

[kkseal]

Interesting point. Short additions in the jan futures. So we can actually expect the markets to move higher in the next few days.

My guess is it's the FIIs hedging their positions in case local operators get into some antics while they are away on a holiday. There hasn't been much selling by them in cash.

 

[toxicexpulsion]

What is the latest EW count for the indices?

 

[winstonn]

Hi Toxic,

The wave v of sub 5 of final 5 is in the progress.
This wave v of sub 5 will be confirmed when all time highs will be taken out on index with closing basis.

thanxs
winston.

 

[toxicexpulsion]

can you please attach a chart for better understanding... and what happens after that? 3-5-3 correction?