>Long Term Elliott Wave Count

New Comments Date: 13 Oct 2006.
The previous analysis was done when every Elliott Wave analyst on the street was predicting 2300 for NSE Index and 8000 for sensex.

We saw the Wave 5th of 3rd of 5th going up from 9000 to 12750 now.
12750<->12800 is an imp resistance now.

Beyond this we open up to 13750 to 1500 range in sensex.
Under attached is latest Chart of sensex.


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Previous Analysis was done onFriday, August 25,
Long Term View.

1. Wave 1 start from mid 2001
2. We are currently in the 3rd of the 5th wave which started in 2001.
3. The 5th wave is the extended wave and within this the 3rd wave is also extending.
4. The correction of May-June 2006 was the 4th of 3rd of the 5th wave, as shown.

Looking ahead=>

1. It is not clear if the 4 of 3 of 5 is over.
2. 4th waves often develop into triangles and this is not ruled out as yet. (can expect this to happen)
   
3. 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.
4. The count from many el-wave analyst that we would fall to 2300 seems very unlikely at present.
5. Note: This analysis applies to NSE Index also.

Shorter Term Chart with details of recent moves.


Longer Term chart showing multi year waves.