Can someone offer a view here?
========
Bounce or no bounce in markets the Rupee has broken out of a falling
wedge in Wave C
of an expanding flat. This marks the end of wave 2 and start of wave
3. The pattern for wave
2 is text book elliott form so this is the most confident wave chart I
have in my pocket.
No one can convince me otherwise except a fall in price below the
recent low of 45.
I have not seen such a perfect wave chart since 2002-2003, when stocks
were making wave
2 patterns at the beggining of the bull market in equities, so you
know what I mean.
Price has already broken out of the falling wedge so a multi-month
depreciation of the rupee
against the dollar has started. For its strong correlation with equity
markets since Y2K that
should be the most bearish sign for the time being. A conservative
target would be 61
expecting wave 1 and 3 to be equal in size however wave 3 is usually
1.618 times in a bull market
if not more so target 61 or higher.
--
~~~~~~~~~~~~
Rohit Srivastava
For accurate technical forecasting. Thanks R. N. Elliott for
studying mass social behaviour and its role in forecasting
the evolution of mankind. Thanks Robert Pretcher for
keeping his theories alive and kicking.
--
Trading at all skill levels evokes emotions that generate great illusions.
Today's excitement won't move tomorrow's markets
Don't let that small voice of ego tell you that you have special talents.
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