INDIACHARTS TM
INDIACHARTS is a scientific analysis of the Indian and global stock markets updated weekly using the tools of Elliott Wave theory, candlesticks, momentum cycles, sentiment indicators, moving averages and automated trading systems. TNT or the new technicians represent the approach to the use of these classical tools that has been applied here.
ALL WAVE COUNTS ON THE FOLLOWING WEB PAGES ARE ACTUALLY COUNTED/ANALYZED MANUALLY ON CHARTS AND DO NOT INVOLVE THE USE OF ANY AUTOMATED WAVE COUNTING SOFTWARE.
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Rohit Srivastava: '
Indiacharts is a free update on the markets for public reading. My views
are based on my analysis of the markets after years of such analysis, since
1991. MORE
ABOUT ME
Visit my video blog on Elliott and long term Cycles at http://www.youtube.com/indiacharts |
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TECHNICAL FORECAST AND MARKET POSITION FOR INDIA [SENSEX]
July 26, 2010
[Videos courtesy: M.K.Gupta]
Robert Prechter joins host Maria Bartiromo on CNBC's Closing Bell to talk about his bearish forecast for stocks and offer investment advice.
FREE Report: 20 Questions with Robert Prechter
Noted financial commentator Jim Puplava asks Robert Prechter tough questions about fiat currency, gold, the Fed, the Great Depression, financial bubbles, government intervention and how to protect your money -- and even profit -- in today's environment. Read Prechter's candid answers for FREE now. Access the 20-page report here.
[Please press refresh if this page is not showing the latest update/charts]
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SENSEX - CHANGES HAVE BEEN MARKED IN YELLOW | ||||
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Time |
Target |
Trend |
Reversal |
Trend Implication |
|
SHORT
TERM |
17720 |
Down |
18300 |
1-5 Days |
|
MEDIUM
TERM |
16200 |
Down |
18300 |
1-4 Weeks |
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NIFTY - CHANGES HAVE BEEN MARKED IN YELLOW | ||||
|
Time |
Target |
Trend |
Reversal |
Trend Implication |
|
SHORT
TERM |
5316 |
Down |
5500 |
1-5 Days |
|
MEDIUM
TERM |
4900 |
Down |
5500 |
1-4 Weeks |
Explanatory Note:
An ending diagonal on the daily chart of the Sensex near 18300 is something to beware of. Such patterns are rare and once they form the highs are often not reached again for 1-2 years. So a sustained market below 18000 would confirm the pattern and its implications. The small cap indices are over bought and losing momentum but we need to watch for follow through. Another big expiry with a jump in futures OI shows position building coming back. The markets formations show that now what ever follows will be local so watch domestic clues closely.
Global markets should see a shift in news from Europe clearly to USA again over the coming months.
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OTHER MARKET SEGMENTS: These articles are posted to the mailing list and you may click on the links below to read them
| THE LONG & SHORT REPORT : 9 JULY 2010 - My latest report. A long term discussion on the position of the Elliott waves for the Indian stock market and where we are headed. What are the alternatives and how to deal with it. |
| INDIA'S KONDRATIEFF WAVE CYCLE : 25 FEB 2010 - I have posted my most detailed analysis of where I think India stands on the Kondratieff wave cycle. This article will enrich you with the basics of this most important 70 year financial cycle that affects our economy and markets very closely and works around the 5-3 Elliott Wave Structure. I also discuss what will now be my preferred wave count for the price structure for 2008-2013. Its probably the first cyclic analysis of the Kondratieff wave done on the Indian economy and should get you thinking. Views and comments are welcome on the Google group. |
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THE VALUE WAVE : What are the inflection points in the process of market expansion and contraction in the wave context. How does it happen and what relevance does it have with the stock selection process in terms of psychology. This is how long term stocks and economic trends can be forecast using Elliott Wave analysis. At some time I will discuss Value Wave stocks if possible. |
Here are some recent posts from the mailing list
| Sensex V/s small cap | |
| My Latest LongShort report should be out today evening find attached a chart of the Sensex in magenta and small cap in blue shows how the sensex has been leading and small cap lagging at all the tops and bottoms since december. |
| Euro | |
| Lots of people have called
a bottom on the Euro recently but something has been bothering me. The
attached chart of the USDEUR is inverted to show a rising trend. Now if
wave 1 and 2 formed from 2008-2009 2 was a FLAT in a clear falling
channel. Wave 3 is a big move up that has made new highs but not
achieved equality... |
For the latest updates on other markets visit and join the Google group.
SHORT TERM COUNT
Fridays candle was a doji star showing loss of bull momentum. This coming near the upper end of a wedge like formation calls for watching. Coming close to 18300 or 5500 on the Nifty is dangerous. And the volume pattern is that of falling volumes during the wedge formation which give it more weight as a topping pattern. A close below 18000 would close the wedge on the downside. The 20dma is at 17800 as the next support below it.
MEDIUM TERM COUNT
The market has been not only pushing back and forth a mildly rising channel from Oct 09 but also from the upper Bollinger band to the lower Bollinger band and back up again. So last week it closed higher with an outside bar formation near the upper band. Such formations are also indicators of trend reversal. A weekly close below 17848 on weekly charts would confirm the outside bars bearish outlook. On the other hand a close above the high of 18237 would indicate continuation.
LONG TERM COUNT
THE LONG & SHORT REPORT : July 9 - The latest report is uploaded.
TO JOIN a mailing list for timely articles and updates from Indiacharts on Elliott Wave Analysis of the Indian stock markets global equity indices commodities and currencies please enter you email id and subscribe to the group below.
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Rohit Srivastava: ' This is a free update on the markets for public reading. My views are based on my analysis of the markets after years of such analysis, since 1991. Investment decisions made on the above analysis would be at your own risk and I take no responsibility for your decisions based on the above analysis.' |