Ananyavrat asked of my view on the Sensex Index. I'm currently working with three possible counts all of them has some things I don't like.
The first chart above shows that we might have seen a major wave V at 21,483.74 (the top on December 9 - 2013) I don't think this count is correct as it doesn't display an extreme run away rally in wave five as I would normally expect.
The second chart shows that wave C of 2 likely is unfolding. This C wave could end just below wave A at 15,135, but I could also extend lower towards 12,799 (the 61.8% corrective target of wave 1) and if this becomes even more extreme it could extend even lower close to the starting point of wave 1. This count seems to best fit may expectation of a major decline developing in the DJI, S&P 500 etc.
Finally the most bullish case is shown in chart no. three, which shows that a series of wave one's and two's is developing and that we soon should see a very powerful wave 3 higher. I don't think this fit well into my overall view of what's likely to happen for the coming years. However, this could become the right count if India losses control over its inflation and runs into high inflation rates (even higher, than they already have) or even something close to hyper inflation. Then we could see a run away rally in the Indian Equity market.
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