Saturday, November 15, 2008

>Dowjones Analysis(ELLIOTT wave)

Dow jones was in a consolidation phase for last one month that consolidation pattern
turned out to be 4th wave formation according to Elliott wave theory.
See first chart the wave started from the big black arrow,Till october panic low thats
7900 we completed 3 waves down .

Then a possible bearish Flat to complete 4th wave.
Come to next chart which shows the expanded 4th wave chart,Which shows (3,3,5)
Bearish flat.4th wave ended at 9700.

From there we are witnessing a possible 5th down.
The next few days movement of Dow should clear the wave structure to some more extent.
Nifty too in 4th wave but we are behind dowjones as dowjones looks to have completed 4th wave
wheras Nifty still in 4th wave.:)




ShubLabh said...

what is the possible target for 5th wawe down

Rish said...

I think if 7900 low is broken Dowjones should target 7500-7000.

Anonymous said...

Hey Rish....whats your target on Nifty if Dow reaches 7500...Also where do you think this carnage will end.

Rish said...

Lets react to it rather than predicting too much.

Anonymous said...

rish -

in the first chart, why is it that you are starting the count downwards from the black arrow? there seems to be a top around oct '07, so is there a reason you are not taking that as 5 of the upmove?

Rish said...

Hi Anonymous
Good question Actually i showed 3rd main waves sub part as 1234 and 5 now happening .So there much up down still pending the good thing about bear mkt is the rallies are quite fast.Next time do put your name while posting :)

ajju said...

hi sir , i m u think nifty will touch low again ?

Rish said...

That thing can happen in 2009.

Rish said...

Bear mkts have an uncanny ability to surprize Dowjones at 7500 almost 90% expected 6500 but what was witnessed was otherway it rallied from 7500 to 9000 that 1500 points in mere 15 days:)

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