market tested 14931 before selling off

it seems that market have completed its first leg of upmove started from 8047 at 14931 today. following days will confirm it.

it has been a hughe run up of 6884 and out of it 2600 point rise was done in last two trading days.now we can see cooling off in large caps who have run up very fast, so i expect profit booking in large cap stocks and upmove can be seen in selected mid cap stocks.

 

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SPANDAN WAVES

LOOK AT SPANDAN'S WAVES UPDATE AS ON 18.05.09

Dear all, My comments on latest Elliot Waves.
1. It is very clear that we are now on the alternate wave count. The broader cycle is A-B-C wave. The fall from 21200 to 7697 was the A wave. We are now in the B up move which is a ferocious up move which will cause people to forget the bear market is over.
2. B up move can take us to 13100, 14600 and max 16200. This should peak out sometime in August. B wil consist of 3 waves A-B-C. We are now at B-A-5 (or 3). The last upmove is the most violent.
3. We will have a small dip in B-b which can take us anywhere between 9900 - 10700 range. This will be followed by B-C which takes us to 16200.
4.Post this we will have the last C wave with min targets of 10700-9250. The bottom could be in place by November.
This fits in with the fundamental analysis also. The B wave of the bear mkt rally makes people forget all is well. It brings in fresh people to buy at tops.
Thanks, Spandan Joshi

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