Experts in EW are the best contrary indicator and get regularly beaten by fellas with just a ruler and pencil -- I am of the latter variety.
The Bombay Sensex major move from June 14, 2006 up should have a 5-wave structure before it can be called complete -- so with reference to this move here are the possibilities .......
(1) Wave 4 down started Dec 6 and finished March 16. We are therefore in the final pushup, i.e. wave 5 and ought to exceed the current top or come close to it in the event of a failed 5th wave.
(2) Wave 4 down started Feb 8 and is ongoing with a C-wave down yet to come to around 12,000.
(3) The top is already in place (Feb 8th) and we are now in a wave 2 rally. For this count to hold, the top must not be exceeded. What number comes after 2? ... yeh, best to hide and watch if this scanario is the correct one.
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