- June 29, 2011
- Posted by: Ramki Ramakrishnan
- Category: India
India’s NSEI was cruising along nicely towards 4800 when all of a sudden the brakes were slammed and the index took off in the reverse direction. This has seemingly caught a lot of traders off-guard. Fortunate are the readers of Wavetimes who heeded the warning that the downmove to 4800 will be a 3-step affair.
The 5th May update in wavetimes spoke of two sets of three-wave downmoves, with an ‘X’ wave coming in the middle. At that time, Wave ‘A’ of the 2nd set was just starting. We have since completed the 5-steps of wave ‘A’ and are now correcting. This second Wave ‘B’ also needs to be in 3 waves, like all corrections.
Later on, we will get Wave ‘C’ that will take us down to the elusive 4800!