Now we really have to get the big picture right so that we know in what wave we really are. That will show what the current trend is. Let us look at this monthly chart .
Heres what Michael Eckert from http://elliottwavetrendsandcharts.com wrote in the below post :
http://elliottwavetrendsandcharts.com/wordpress/2011/03/26/week-end-observations-4/
."... the RSI always hits its extremes at the top of the iii of 3 wave, not the top of the 3rd wave itself, it normally diverges. Momentum is at it peak and the price action is it’s strongest for the iii of 3rd wave."
Look at the RSI which is at the highest level at the same point at (3) also market by the vertical red line .
So according to that we are in a 4th wave correction since that 6352 TOP in JAN 2008. Of that correction we have already done the A and B waves . Now we are in the C -wave down . But the thing we have to find out is whether we are going to do a FLAT a-b-c ( 3-3-5) structure or a Triangle a-b-c-d-e(3-3-3-3-3).
A and B can be shown as 3 wave structures . The structure of this C wave will make things clear.
Some People are aiming at sensex 30000 too. Its up to us what count we follow.
Heres what Michael Eckert from http://elliottwavetrendsandcharts.com wrote in the below post :
http://elliottwavetrendsandcharts.com/wordpress/2011/03/26/week-end-observations-4/
."... the RSI always hits its extremes at the top of the iii of 3 wave, not the top of the 3rd wave itself, it normally diverges. Momentum is at it peak and the price action is it’s strongest for the iii of 3rd wave."
Look at the RSI which is at the highest level at the same point at (3) also market by the vertical red line .
So according to that we are in a 4th wave correction since that 6352 TOP in JAN 2008. Of that correction we have already done the A and B waves . Now we are in the C -wave down . But the thing we have to find out is whether we are going to do a FLAT a-b-c ( 3-3-5) structure or a Triangle a-b-c-d-e(3-3-3-3-3).
A and B can be shown as 3 wave structures . The structure of this C wave will make things clear.
Some People are aiming at sensex 30000 too. Its up to us what count we follow.
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