Comments on: March 8 View of India’s Nifty Index

By: SKJSKJSKJ

SKJSKJSKJ — Wed, 25 Mar 2009 04:52:56 +0000

excuse me, it would be 75+ 1.618*(75-15)

By: SKJSKJ

SKJSKJ — Wed, 25 Mar 2009 04:17:41 +0000

Sorry Corey, your count is clearly wrong. NIFTY is above 3k. This is a corrective wave, and it seems like Prechter agrees with me:

http://www.elliottwave.com/freeupdates/archives/2009/03/23/Indian-Stocks-Urgent-Opportunity-Announcement.aspx?code=cg

http://www.bloomberg.com/apps/news?pid=20601080&sid=a_EOAMoVs7gE&refer=asia

Let me give you some advice: Stay away from the street and keep trying to count Elliott Waves without paying attention to anything else. There’s a reason Prechter runs a website and guys like Tudor Jones who use EWT as well as fundamentals are rich. Right now EWT, fundamentals, and psychology are all bullish – nobody believes China and India can grow without the US while Q4 GDP data is showing otherwise (China 6+, india 5+, US -6 Annualized). Buy FXI and ride China’s $2tn of FX reserves, positive GDP growth, and $700bn (soon to increase) stimulus package up wave 3. You should have a clear trade from here to at least 1.618 * $75.

By: harman

harman — Mon, 16 Mar 2009 12:16:26 +0000

hey corey, g8 work man …
please tell me what MACD setup you have used….. IS IT 12,26,9……..
PLEASE REPLY

By: Anonymous

Anonymous — Sun, 15 Mar 2009 14:52:54 +0000

SORRY TO PUBLISH MY NAME WITH MY COMMENT AND BY SETUP I MEAN PARAMETER
THNX AGAIN HOPE REPLY SOON

By: Anonymous

Anonymous — Sun, 15 Mar 2009 14:51:32 +0000

HEY COREY AMAZING ANALYSIS, YEAH THE IS PLAYING WITH EVERYBODY.. LETS SEE WHAT HAPPENS AND MY FRIEND IM STILL LEARNING AND NEEDED UR HELP
WHAT IS THE MACD SETUP USED IN WEEKLY CHARTS COREY, IS IT 12,26,9 OR WHAT COZ AT STOCK CHARTS.COM THE DEFAULT SETUP IS 12,26,9 WHICH DOES SHOW THID NEGATIVE DIVERGENCE…. WHAT SETUP HAVE YOU USED…. THNX A LOTT COZ IM STILL LEARNING AND YOUR BLOG TEACHES A LOT…

By: SKJ

SKJ — Fri, 13 Mar 2009 10:12:08 +0000

if NIFTY gets above 3000 in this leg there is no hope for your wavecount showing us in wave 5 right now or any wavecount that shows this decline as an impulse wave. The only hope of even trying to save the idea that this is an impulse wave is to argue that we’re in a 5 month long minor wave 4 of major wave 3, which would be idiotic. This is a corrective wave folks – we are about to witness a massive bull market in Asia.

By: Corey Rosenbloom

Corey Rosenbloom — Thu, 12 Mar 2009 15:00:32 +0000

Indrajit,

I agree – it’s so clear on the chart (the support and resistance) but in which direction price will expand isn’t as clear.

Range-bound traders are loving this though!

By: Corey Rosenbloom

Corey Rosenbloom — Thu, 12 Mar 2009 14:57:00 +0000

Manoj,

Glad to have you as a reader! Indeed, some things did rub off on my through my 2 year CMT education! I came into it thinking Elliott Wave was bogus and intended just to memorize it for the exams but when I started applying it, it just clicked for me and became a major interest. It’s become a big interest of blog readers as well so it was a virtuous cycle.

Nice analysis – I missed the mini-Head and Shoulders pattern you caught.

It’s just so difficult to analyze while price is in such a lengthy consolidation.

By: SKJ

SKJ — Thu, 12 Mar 2009 08:24:35 +0000

I don’t agree with this NIFTY chart – error is in thinking this decline is a big impulse wave. Please see other indices such as HSCEI where it is clear that Asian indices have completed a corrective wave (A completes on 3/18/08, B on 5/07/08, C is probably not done). What you are seeing globally is SPX is completing or has just completed a C wave post a supercycle and all asian indices have just completed wave 2 of a multi-decade bull market. This should make sense also considering the fundamentals of China India vs the US (strong GDP growth even while the rest of the world is in recession, high savings rates, youthful demographics, etc). The shapes of the waves in indices such as HSCEI / HSI are extremely different than that in the developed world indices.

By: Indrajit Mukherjee

Indrajit Mukherjee — Thu, 12 Mar 2009 03:17:22 +0000

Hi Corey,

Thanx again for ur continuous effort in analysing Nifty. I feel in the downside 2500 level holds the key. Any close below this level can take us to Oct lows and for bulls to get an upper hand we need to close above 3250. Till then we are in a 750 points range.

Regards

Indrajit