Re: Elliottwavecount for SENSEX
hi Alok,
well,there was a labling error on the previous chart ,so I am posting
my count again.as regards your query I think there are two ways of
counting the move from may 17,2004 low to the high of 8822. The first
count which is my preferred count is the one which I have posted
today.the other is my alternate count the 8822 according to which is
wave 5 from may2004 low and also the completion of wave count from
the low of sept.21,2001,(and also the begining of a bear market ).
But my preferred count which I have posted today does
suggest that we should get a new high in the jan,feb 2005. this fact
is also supprted by the fact that 12 month cycles for the past
years are topping in the months of jan-feb every year. for example
jan 2004 and jan 2005. so until we go decisively much below 7537
my perferred count will stay put and I do expect markets hitting new
highs.
regards,
joy_verma