The previous analysis was done when every Elliott Wave analyst on the street was predicting 2300 for NSE Index and 8000 for sensex.
Long Term View.
- Wave 1 start from mid 2001
- We are currently in the 3rd of the 5th wave which started in 2001.
- The 5th wave is the extended wave and within this the 3rd wave is also extending.
- The correction of May-June 2006 was the 4th of 3rd of the 5th wave, as shown.
- It is not clear if the 4 of 3 of 5 is over.
- 4th waves often develop into triangles and this is not ruled out as yet. (can expect this to happen)
- In the longer term we have much more highs to see. When the 5th of 3 of 5 and the 5th of 5th plays itself out.
- The count from many el-wave analyst that we would fall to 2300 seems very unlikely at present.
- Note: This analysis applies to NSE Index also.
Longer Term chart showing multi year waves.