This is one off the most bullish looking indexes in the world right now, and also one of the few that is impossible to get an impulsive wave count down from the '07 highs with all the over-lapping corrective waves. The sell-off that retraced over 72.5 % (very close to a fib number) can not be a 4th wave with that large of a retrace, so a 1-2 becomes the best fit. Even with a long-term bullish count the BSE is due for a correction as soon as the final wave up is put in for a 5th, and most likely a 1st (i) wave up. The 2nd wave down, should provide, at a minimum, 38% retrace which would be a sizable sell-off in the near-term future.
In the short-term the fib fans are bullish and are being very well respected
This is one off the most bullish looking indexes in the world right now, and also one of the few that is impossible to get an impulsive wave count down from the '07 highs with all the over-lapping corrective waves. The sell-off that retraced over 72.5 % (very close to a fib number) can not be a 4th wave with that large of a retrace, so a 1-2 becomes the best fit. Even with a long-term bullish count the BSE is due for a correction as soon as the final wave up is put in for a 5th, and most likely a 1st (i) wave up. The 2nd wave down, should provide, at a minimum, 38% retrace which would be a sizable sell-off in the near-term future.
In the short-term the fib fans are bullish and are being very well respected
Michael you should also look at China and Hong Kong, both of which are forming sideways B waves and look set to rise anywhere between 30% and 50% in the summer. I also see a possible 20% rise in Europe. Does it seem realistic that the US indices will be in a 'P3' during that period? Or is it more likely that they too will rise 20%?
ReplyDeleteindia completed a 45 year triangle wave(IV)in 1965. And clearest 5 cycle waves to 2008 high which was a GSC wave I(circled) top. drop to 2009 low is wave a of of SC (a)or(w) .now b is on and near completion.
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