Elliott wave analysis


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We had a strong bull market from 2001 lows. Interesting fact while trying to label was, during the final stage of development, all the waves started overlapping with previous waves.

Overlapping in bull market means
Case 1: The wave is subdividing
Case 2: Correction following Five wave completion of same degree.

While trying to analyse Sensex individually there were few areas of concern : Exact 2001 bottom, irregular correction during 2001, whether 2005 low was a failed flat, 2006 low belonging to which degree, etc.

My presented count is based on the following observations:
1. When we refer to Nifty Index we had new lows in mid 2003, and mid 2005. Hence its more probable they are Flats in Sensex too.
2. Also from other major index, 2006 low had overlapped very well with previous wave of same degree. Hence it ended a 5 wave flow.
3. With back tracking - counting waves from end, and apply the two cases possible during overlaps in bull market mentioned above, the waves started getting clearer -except for 2004 low. Wave from 2004 low would mean we have wave 3 as shortest(in Nifty), which is impossible.

For short term, today should probably end the relief rally. Coupled with the fact we had failed flat during Nov, probably good correction is on the cards. Lets see how it pans out.

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please add some alphabets and letters below these charts , else they are looking like black and white painting for non learner of elliott waves like me



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