Long term Bullrally Indien

Quote:


According to the Elliot Wave's April forecast report, the Sensex has declined in three waves to the October low, where it retraced approximately 50% of its 2003-08 rally on a percentage basis.

The index has just broken out of its downward trend channel and the patterns seen recently and during the 2003-04 period "are the best argument for a resumption of the bull market in Indian stocks," it added.

Naming India among the "potential baby bulls" of the region, alongside Taiwan and Korea, Elliott Wave had said the completion of three waves of fall from their respective highs had made them "strong candidates to rally back to at least near their all-time highs -- if not beyond".

Elliottt Wave has also classified Japan, Singapore, Hong Kong, China and Australia as long-term bear markets, while the "potential baby bulls" have been described as those which investors should consider for long-term investments.

The report further noted that India had experienced long- running bearish phase in the past, indicating that the next bull-run could continue beyond its most recent all-time high levels.


"The five-wave pattern from 2003-08 is a road map to the future. Elliott waves progress in five waves and correct in three waves," research group's Asia-Pacific Financial Forecast editor Mark Galasiewski said.

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