Showing posts with the label Sensex

Indian Sentiments Update

The weekly chart of the Sensex provides for a more reliable count for the move now. With the moves since march fitting a rising channel. Wave 1 and 3 here are 5 waves and 3<1, so we are in wave 5 which will be smaller still. And will end at or before the upper channel line at 32300. Will it be a one side move in wave 5 or also a subdivision like the first two impulse waves. While both are possible, subdivisions do sometimes repeat and if so then this last 5 waves up could spend a whole month completing even with a smaller target. But it can end abruptly as well.

So we will have to see what happens when a smaller degree 5 waves up completes, do we get a trend reversal. The 5th wave can also end up being an ending pattern which would then be 3-3-3-3-3 in terms of its internal wave counts.
All the above would have to weighed on what the sentiment is doing? Will FII data remain reliable where P Notes are concerned? Locally registered FIIs can still trade derivatives. So of the Index f…