Tuesday, February 3, 2015

BSE Sensex Elliott Wave Long Term Count Extension+ Extension

My earlier post edited for further extensions.
My last post, stated a condition "This count rests on the condition that the last high that we put in on Sept 22 at 27,254 stays intact, so this short term condition controls the longer term outlook." The market has spoken and we did break 27,254 with 5 small waves up and new high now at 28,822 on November 28th. We have again extended with another 5 waves up in an expanding triangle that ended on 29786 on Jan 28th. This now in hindsight can be counted as the final 5th wave of the impulse i thought had ended on September 22nd and again on November 28th. Any new 5 wave moves above the 28822 29786 high will invalidate the count. The new count is below.
The current juncture also coincides with the trend channel from the 2008 low.



A closer view of the final count is below.

  The outlook remains the same: an ABC down to the 21k-22k area.

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