Elliott wave suggested a target of 17150-17500 for Sensex for the Wave 5 which I posted on 20th Sept on the blog. Sensex made a high of 17457.26 on 20th Oct. The trend is down now and according to Elliott wave analysis wave (2) should get us back to atleast the 4th wave of the previous wave (1). This gives sensex a target of atleast 13500. But if that is broken too Sensex could retrace 50% or even 61.8% of the entire move since Mar’09 to gives targets of 12500 levels. Let’s wait and watch...
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