A DEADLY BEARISH BIG PICTURE

A DEADLY BEARISH BIG PICTURE

Flat correction on monthly chart

Target sensex 10000 and nifty 3000

www.wealthsolution.blogspot.com Adinath Investments

After completing five wave impulse patterns, index drops in wave A. It then rallies in wave B to the previous high.finally, the market drops one last time in wave C to the previous wave A low

The same picture is in the monthly chart of the sensex and nifty from 2002 to 2008, 5 wave impulse patterns and now we are in flat correction as per my preferable view.

Sensex monthly wave counts from 2002 is as below

Wave 1(up) 2828 to 6250
Wave 2(down) 6250 to 4227
Wave 3(up) 4227 to 12671
Wave 4(down) 12671 to 8799
Wave 5(up) 8799 to 21206

Now a-b-c flat correction calculation

Wave A (down) 21206 to 7697
Wave B (up) 7697 to 18047(78.6% retracements from low)
Wave C (down) 18047 to 9911(78.6% retracements of wave b)

Nse nifty monthly wave counts from 2002 is as below

Wave 1(up) 920 to 2015
Wave 2(down) 2015 to 1292
Wave 3(up) 1292 to 3775
Wave 4(down) 3775 to 2595
Wave 5(up) 2595 to 6357

Now a-b-c flat correction calculation

Wave A (down) 6357 to 2252
Wave B (up) 2252 to 5400(78.6% retracements from low)
Wave c (down) 5400 to 2914(78.6% retracements from low)

Down trend may continue till end of 2010 or first quarter of 2011.

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