BSE Auto Index The monthly
chart shows the long term Elliott wave counts. On the Elliott wave perspective,
major impulsive leg has completed at 11512 levels which is marked as wave (i/a)
and now major bearish three wave structure is progressing which is marked as
wave (ii/b). Now we are in wave w of wave (ii/b) and wave w may complete at
around 9000 levels and from there small pullback may seen which is wave x. If
wave x completes then wave y will be start. And an addition, multiyear rising
trend line has violated which confirms major down trend.
However, Major wave (ii/b) is heading
towards 7900 – 7500 levels. Unless violation of 11900 the trend will be
valid.
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