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Tuesday, September 22, 2009

India Sensex

The so much awaited Sensex from India. Not much has changed in my opinion, the only doubts surfacing from the chart is whether  Wave iii is extending or not... Since my opinion is we're in a bull market, and the waves support that stance and bull markets tend to surprise us for the upside, just as much when in bears anything can happen to the downside.

Just take a look at the huge gap up in May. From the waves I thought at the time we probably were going to have a little correction since the structure had the minimum requirements of completion, but then subwave iii extended... so it's just to say in bull markets surprises on the upside are common so I favour a bit the overextension count... This bull has a loooooooong way to run.
Even if you're not fan of EW just look at the price... that thing is screaming bull market, the trend is up, just follow the trend.
Also, please refer to the chart I posted almost 6 months ago:

So far, it's moving in tandem, and beware this last chart is just a rough estimation since the presentation is a bit poor... The conclusion is, once we finish subwave 1 and correct for subwave 2 and start subwave 3 that should become the strongest and healthier period of this market. It will be a 3rd of a 3rd wave the most powerful wave combo.
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