Sunday, June 7, 2009

Is Bear Market Over??

In my earlier blog of Double Botttom, we analyzed the Nifty trend reversal with Double Bottom formation. Now in this post , i will try to analyze the same chart with Elliot Wave theory, with the Bull Market Truncation. Let's have a look into this..



Elliott used the word "failure" to describe a situation in which the fifth wave does not move beyond the end of the third. We prefer the less connotative term, "truncation," or "truncated fifth." A truncation can usually be verified by noting that the presumed fifth wave contains the necessary five subwaves.

If we see above, after a strong fall, Nifty gets into a trading range and we can see at (7), which is end of wave 5. After wards market is in uptrend. So is the Bear MArket over and are we in a new bull cycle?? Answer to this question lies in the key level of 4649 in NIfty. Lets watch how it unfolds..

Happy Reading..

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2 comments:

  1. AnonymousJune 7, 2009 at 10:48 PM

    tell something more about suzlon

    ReplyDelete
  2. BhupeshJune 10, 2009 at 9:59 PM

    Suzlon does not stop. Suzlon had the breakouts at Rs 60 now the next resistance comes somewhere around Rs 200. It is anybody’s guess that whether it is going to touch that, cross it or stop here. The momentum says it might reach Rs 200.

    ReplyDelete

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