counter

Monday, March 9, 2009

Elliott Wave on the Indian Stock Exchange


I’m not an expert at India’s Stock Exchange, but let’s see what the charts might be hinting to us.
Clearly, we’re in a downtrend and the moving averages have just crossed into the most bearish orientation possible. Price is beneath all of them and we’re coming off a New Momentum Low that formed in October. Price retraced back to the falling 20 week EMA (fell just shy of it) and appears to be inflecting downward to make possible new lows. The entire bearish analysis will be invalidated if we get a move up here to close above 3,200, which would invalidate the Elliott Wave Count and also break above the falling 20 week EMA

No comments:

Post a Comment