Weekly Technical Analysis 3RD JUNE 2013

7/28/2019 Weekly Technical Analysis 3RD JUNE 2013

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Weekly Technical Analysis

03 June 2013

- By Vivek Patil, India's foremost expert in Elliot Wave Analysis

Sensex opens e-wave on Monday, ends on Thursday, finishes flat for the week. Govt puts off stake sale in Coal India on opposition from Unions. GDP up 4.8% in Q4, FY'13 growth at decade low of 5%. Rupee drop to 10-month low against Dollar. NR Narayana Murthy makes a comeback on Infosys' board.

Top Stories of the Week

e-leg moves 700 pts higher, ends in 4 days after achieving our target

[Technical readings carried forward from previous weeks are shown in italics. Readers can easily identify the new arguments which are written in regular

Last week we discussed, Sensex reacted from the Grid level at 20250 Last weeks fall, marked as d-leg, was biggerthan previous fall we marke

leg. This is symptomatic of a Diamond-Shaped Diametric, which looks bulging in the middle the d-leg must end soon the d-wave has alreadconsumed 4 days End of d-leg could confirm when the bias turns +ve by way of strength and close above previous candle. We can think of oan upward e-wave if that happens e-leg could remain smaller than the d-leg, but reach higher to test 50-61.8% retracement level d-leg, i.e. a20000-100 (Nifty 6080-6120)

Sensex strengthened/closed above previous candle on Monday, and opened the much-expected e-leg upwards. Against our target at 61.8%retracement at 20100 (6120), e-leg achieved 20254 (Nifty 6134). Like previous three legs, e-leg consumed 4 days, and ended on Thursday. The Inreacted lower on Friday, and finished only 54 pts or a marginal 0.3% higher for the week. While Auto/IT/FMCG/Pharma Indexes ended over 1% higher, tIndex lost over 6% and Bank Index weakened nearly 2%.

The week began with a +ve follow-up to preceding Fridays Upward Bar Reversal pattern. Mondays candle was big enough to suggest bear-coveriHowever, movement slowed down in the next three days.

The preceding d-leg fall was a 4-day affair. The e-leg rally consumed 4 days to retrace only 78% of d-leg. The rally, thus, looked slower compared

Price-wise, e-leg achieved slightly higher levels of 20254 against our target at 20100. Time-wise, e-leg remained a 4-day affair, like the precedid legs. Such time-similarity within the legs is considered symptomatic for a Diametric development.

The market has remained selective for a while. While heavies are pulling the main Index higher, broader market was seen attracting distribution. We, thesuspected some kind of distribution pattern at the end of post Apr13 rally, similar to the developments during 2007.


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We, accordingly, suspected the rally from Apr13 low of 18144 (Nifty 5477) could develop as a 7 legged Diamond-Shaped Diametric. The Diametric

development was suspected initially due to the smaller b-leg price-time-wise, as compared to the preceding a-leg.

Alternatively, as we mentioned last week, the rally could develop as a 5-legged Extracting Triangle. In an Extracting Triangle, the directional rallileg, c-leg and e-leg get smaller gradually, i.e. e < c < a. On the non-directional side, the drop also gets bigger, i.e. d > b.

On one higher degree, the rally was considered either as b of larger E (from Jan13) OR g of larger D (from Dec11).

If it is b of E, the implication would a slower fall, to be labeled as b -leg inside the b. However, if it was f of D, i.e. last leg of post Dec11 ral ly, then theshould see violence and faster retracement of the post Apr13 rally.

The market, in the meanwhile, continues to be selective. The main indices have been controlled by the ones who can move the heavyweights. Wementioned swaying prowess of ITC recently.

However, while Sensex trades near to its highest levels, the BSE Small-Cap Index trades near the levels it closed the year 2005, i.e. 8-year oldwhich shows the small investor still remain in a tight spot.

Fridays action formed the biggest Bear candle in 3 months. Structurally, Fridays violent reversal indicated end of e-leg, and beginning of the nextleg as per our current assumption of 7-legged Diametric developing from Apr13 low of 18144 (Nifty 5477).

By conventional Technical Analysis, the pattern during the entire month of May13 looks like a Head and Shoulders formation, with its Head at 20high of 20444 (Nifty 6229).

H&S is a bearish formation, but confirms on faster retracement below 19568 (Nifty 5936) in the next 3 days. Such a move would mean break beloNeckline of the H&S and faster retracement of e-wave.

Such a confirmation of H&S, i.e. drop below 19568 (5936), would, however, turn f-leg bigger than the e-leg, and potentially invalidate our assumplegged Diametric post Apr13-lows.

Invalidation of Diametric could open the alternate possibility that the move post Apr13-lows actually ended as a 5-legged Extracting Triangle,drop beginning from Friday is not an f-leg, but is either b- leg of b of E OR beginning part of the larger E.

Protecting 19568 can, however, maintain our Diametric assumption for the time being, which would get completed only after f (down) and g (uare over. Keep and eye on 19568 (5936) therefore.


3/18

The Sensex has reacted lower from the Grid level at 20250 for the 2nd

time. The effectiveness of VPs Grid System was shown on the chart abo2008, these Grid levels did prove important turning points for the market.

The d-legmarginally broke the previous support (last weeks low and bottom of b-leg) at 19653. Thats ok. It has satisfied the requirement of being largerleg to generate expansion or a bulging middle part.

However, i t has also ret raced the preceding 4-day ral ly (c- leg) ful ly in faster t ime. This is not sy mptom at ic of a d - leg. The d- leg of diametr ic sh

com plex af fair , which usual ly ret races b-leg in a slower time.

Structural ly , on one higher-degree, the ral ly f rom Ap r- lows was m arked lower-degree a of b of larger E, and alternatively as g of larger D.Jan13 high, the probability of this rally getting marked as g of still-incomplete D (from Dec11), has now increased.

The post-pattern implication for the two alternative labels would, however, be different. If rally is a of b, the b of b would be a slower fall. Howevewas g, then rally would get fully retraced in faster time.

As per the alternate structure shown below, the current rally may be g of the still- incomplete larger D :


4/18

The larger weakness would be expected only af ter 7 legs of the Diametr ic or 5 legs of Extract ing Tr iangle inside the ral ly are completed.

Since legs of Diametr ic as wel l as Extract ing Tr iangle format ions are except ions to NEoWave rules, the trading environment cou ld remain chaWe better trade with the required caution and be selective on trading opportunities.

We have been considering the development since Jan13 as E or the 5thleg of the larger Diametric from 2008 onwards. We also suspected thatE

develop over a per iod of 13 months. Structurally, E could develop either as a Flat or Complex Correct ive involv ing x-wave.

The near 3-month fa l l f rom 29thJan to 15

thApr was analyzed as a 7- legged Diamon d-Shaped Diametr ic. Each lower-degree wave inside this Diame

a-b-c-d-e-f-g, consumed about 8 days each, and its total period was 52 days (about 8 days multiplied by 7 waves).

The Diametric looks bulging in the middle, which provides it with a Diamond-like shape. Further, a-wave and g -wave of the Diametr ic were almoprice-wise as well as time-wise, like we argued.

Under Wave Theory, the standard co rrect ives are Zigzag, Flat and Tr iangle. Though not mentioned in Glenn Neelys Book Mastering Elliott, a 7-legDiametr ic is also cons idered one com plete label-3 correct ive.

A Diametr ic is a very tradable pat tern once ident i f ied correct ly, like we did since Feb13 onwards. Its identification symp toms included t ime-s imi laamidst i ts internal legs, and correct ive ( label-3) a-wave fol lowed by su b-normal b-wave.

Since Diametric is absent from the book, many seem to ignore its existence. It is basically made-up of two Triangles.

While Contracting Triangle followed by Expanding Triangle would shape-up as Bow-Tie Diametric, Expanding Triangle followed by Contracting Triangleshape-up as Diamond-Shaped Diametric.

On one higher degree, the Diametric from Jan13, which completed in Apr13, could either be the 1stCorrective or a wave inside the larger E.

If the Diametric is a wave, then the current rally is part of b. If the current rally is b of E, then it would retrace more than 61.8% of a, and alconsume more time than a.

The 48-day rally from 20thNov12 was completely retracedexactly in 48 days. This amounts to faster retracement of Impulse we had assume

the 5

th

of c inside the larger D. This can be considered as confirmation of the larger bearish assumptions we discussed from time to t ime siJan13 top.

The act ion has also b roken below the 200-day Exponent ia l (EMA) as wel l as Simple (SMA) Moving A verages, and indeed clos ed below th em fotime since Jul12.Decis ive break of 200-day MA levels is general ly cons idered by m any as existence of a Bear phase.

Indeed, 200-day MA break is a major, and perhaps the on ly technical parameter, understood by p eople who general ly fol low Fund amentals othFor the fol lowers o f Technical Analys is, however, such 200-day signal ing a Bear phase comes too late.

With the help of Technical Analys is, remember, we were able to pin -point that a major top would be made during Jan13, below 20303, and Seobl iged.

Multi-Year long Diametric Formation

It was argued that allmult i - fo ld ral l ies would be fol lowed by m ult i -year long conso l idat ions. Sensex, remember, rose 11-fold during 1988 to 1992,entered a 11-year consolidation thereafter.


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Again, during 2003 to 2008 it multiplied 7 times. Drawing similarity, it could a 7-year consolidation starting 2008. Further, the consol idat ion, may shapa 7-legged Diam etric, similar to the consolidation seen from 1992 to 2003.

The Diametric formation from 2008 is also suspected because each of i ts internal legs, except B, have consumed abou t 13 monthsso far. So, th efrom Jan13 could also continue for about 13 months, and end somewhere around Feb-Mar14.

This long-term picture was f is t publ ished on6thFeb2012, with both D legs highlighted in Purple color rectangles. In the previous instance, the D leg

1996-97 had retraced as much as 97% of its preceding C leg. In the current instance, D retraced 84% of C.

Long-term corrective phase on Dows chart also appears to be a probable 7- legged Diametric . Instead of Bow-Tie Diametric on Sensex,Dowsis shaping up as Diamond-Shaped Diametric.

Jan-Mar Topping Cycle

During Dec12, it was pointed out thatmajor tops o ccurred dur in g Jan-Mar per iod in the last 13 years.

More than half the t imes, the top also occu rred dur ing the m onthof January. Based on this, it was argued that Sensex could hit a major top duringand it did.


6/18

This cycle may be the result of NAV pop-up exercise in the last month of the Calendar Year. Jan13 was the 7thsuch top forming in the month of Ja

Performance of the Broader Market

The broader m arket has, general ly , under-performed the main Index since the year 2008, as can be checked on the chart below.

Indeed, the broader Mid-Cap and Small-Cap Indices have also broken 0-b lines of the upward D leg, shown in White on the chart. The Small-cap Index ebroke its Jun12 levels marked in Blue, i.e. gave a faster retracement to the c part of post-Dec11 rally.

While the Sensex itsel f ret raced 84% of i t p receding 13-month fall from Nov10 to Dec11, BSE Small-Cap Index retraced o nly 38.2%, and has, i

reacted h eavi ly f rom this ret racement level.


7/18

The divergence between Sensex and broader market appears to be Index management act iv i ty , as the Sensex is held by the Index heavy-weig

whi le the broader shows d ist r ibut ion. This whole thing, however, made for a tr icky and un comfo rtable trading environm ent .

NEoWave Discussions

Inside the D leg from Dec11 to Jan13, we had had assumed a 3 -legged a-b-c Flat. The c part was a 5-legged Impulse, inside which, 5thleg (beginnin

Nov12) was assumed to be a Terminal.

Based on NEoWave requirements, it was argued that Sensex would drop below Nov12 lows in 50% time of the 48-day long Term inal. Ind ex evendid drop below Nov12, but took 48day or 100% tim e (instead of 50%).

As an abundant precaution, therefore, fo l lowing alternate wave-structure was suggested for the D leg from Dec11, according to which, D is stilldeveloping as a 7- legged B ow-Tie Diametr ic . This st ructure, however, turnsvalid only if Jan13 highs are broken, not otherwise.

In the alternate scenario, c ended at Oct12 high, and it was equal to a leg. The d was the smallest segment, and e (i.e. post-Nov12 rallyDouble Combination which ended in Jan13.

The channel enclosing the a-b-c Flat inside the larger D leg from Dec2011 onwards was shown on the chart below.

The 80% retracement level was considered and m arked as a pat tern impl icat ion for the 13-month lo ng Dou ble Combinat ion m ove marked as C

impl icat ions, how ever, cannot be str ic t ly im plemented for the legs of Tr iangle and Diametr ic , which are except ions to the general rules.


8/18

Inside c of D (beginning Jun12) for Sensex, we were expecting a 5- legged Impulse, because Flat is a 3-3-5 structure.

As per NEoWave Extension rule, one of the directional leg inside an Impulse should get extended, i.e. achieve 161.8% ratio to the next largest leg.

Since 1st

and 3rd

were normal, we could have projected 5th

wave Extension. However, such a move would project values slightly above the Nov10 highwould jeopardize the larger assumption of Bow-Tie shaped Diametric from 2008 onwards.

We, therefore, preferred 5thof c not to achieve 161.8% ratio, but terminate below Nov10 highs, f rom where a downward E would o pen. Since

the expanding phase of the Bow-Tie Diametric, it would break below Dec11 lows.

The 1st

and 3rd

inside c of D continued for about 4-5 weeks each. We expected 5thto consume a similar time, and end somewhere in the month of Dec

near to it.

As the beginning part of 5thshow s violence on upside, we suspected 5

thcould develop internal ly as a 1

stExtension Impulse or Terminal. Since

Terminal always occurs at major turning point, it would be able to generate the necessary downside power for the larger E leg.

NEoWave, remember, allows exceptions to rules at important market turning points or under unusual conditions, like end of larger patterns orwave, such as a Terminal.

Also, Triangles and Terminals are exceptions to virtually all rules. Since Diametric pattern is made up of Triangles, NEoWave Exception Ruleappl icable to th ese pat terns.

Since we were at an important turning po int in Jan13, and dealing with Terminal and legs of Diametric, perhaps pattern implication rules coulsat is f ied to the ful l extent .

Does it real ly mat ter whether the Sensex achieves the pat tern impl ic at ion accurately within th e t ime-pr ice parameters, when the general direct

the secular market has been largely -ve as we suspected since Dec12 ?

As we argued, the larger bear phase is already visible in the broader market. Since Dec12 we turned cautious as the rallies were getting smaller (shapiTerminal), and also because of the Jan topping cycle (discussed separately).

Sensex, consumed 59 weeks to ret race 84% of i ts preceding 13-mon th fal l , which also was a 59-week af fair, as shown on the chart below :


9/18

The ral ly , accordingly, was co nsidered slo wer, correct ive structure as per NEoWave, and not as part of any fresh ral ly .

As per NEoWave, most channeled moves enclose a Complex Corrective structure involving x wave. Complex Correct ive involv in g 2 correct ives, joione x wave, is cal led a Double Combinat ion, and carr ies a pat tern impl icat ion of n ot mo re than about 80%.

Further, as depicted on the chart below, since Nov10, it has been generally useful to consider 61.8% to 80% retracement area as crucial for termmoves.

The post-Nov12 rally is now retraced by 100% on Sensex, but more than 100% on broader indices. The larger picture of Diametric from 2008is, therefore, considered s t i l l val id.

That would mean 13-month long D-leg has ended at Jan13 highs, and13-month long E-leg started thereafter. Only a move above Nov10 / Jan08 higmake the larger picture inval id. Please see the monthly chart of Sensex showing the larger Diametric from 2008.


10/18

BSE Dollex-30 Index

Meanwhile, since the FII activity turned a prominent factor in the Indian stock market, we examined the development ofBSE Dollex-30 Index , wh ich shHead & Shoulders format ionaround Oct12 on its Daily chart.

Its downsides laterachieved the Head-to-Neckl ine project ion on down side, as we expected. Since the project ion level also matched w ith i ts 200-EMA, we suspected some pul l -back to the Neckl ine.

As c an be seen on th e Dol lex-30 chart below, the Index recovered back to its Neckl ine level for th e 2nd

t ime, but has now reacted from heavi ly

Neckl ine.

The Index protected its Nov12 lows, and bounced back. It has now reacted from 80% retracement level to Jan -Apr fal l , and is test ing the cru ciday EMA once again.

Yearly lows

Sensex has broken 2010 low of 15652, and now in 2012 is found holding the 2011 low of 15136.

As the past instances wo uld show , once the year ly low gets brok en, a min im um of 20% cut from the low has been a usual phen

thou gh gradu al ly. A 20% magnitu de reduced from 15652 wo uld calculate to about 12500 for Sensex.

This level has not been tou ched so far , but should b e remembered as a cruc ia l leve l which m atches wi th the hug e gap-up act ion

to the Weekly chart discus sing 32-week cycle) seen during the 2009.


11/18

32-Week time cycle

The development since Mar09 has followed a 32-week tim e cycle, as shown on the chart below.

This was used for ra is ing a possib i l i ty that an important low w ould be formed around 20thAug11. Sensexresponded by hi t t ing

bottom on 26thAug.

This cycle had also raised the possibility of an upward/sideways phase that could survive for 32 weeks from Aug11, and end e i4thFeb12 or 31

stMar12, developing as a ranged movement like the Left Shoulder. The upward phase ended during Feb12 as p

cycle .


12/18

Going by the structural possibilities from this cycle, it was suspected that Sensex could be forming an e leg of a possible ExtractiTriangle, which would remain smaller than the c leg. The e leg did remain smaller as suspected.

As we already know, Extract ing Tr iangle is a pattern which s hows smal ler ra ll ies and bigg er drops. Thus in one direction, it showsand in the opposite direction, it shows d > b.

Above 18000, RightShoulder became bigger that the Left Shoulder, which appeared rejecting the Head & shoulders or ExtractiTriangle argument. However, the 32-week time cycle may remain val id as a cycle even from h ere.

The Sensex was seen testing the Neckline shown on the chart , which d id prove cruc ia l, as Sensex bou nced several t imes froNeckl ine.

Ano ther idea would be to mark the entire development as a Diametric , instead of Extractin g Triangle, and the same is now m ark

the chart . These assumpt ions ind icate an incom plete B, but conf i rms only on faster drop below the Neckl ine, which is s t i l l awai t

30% Principle

Al l major tops are character ized by 30% drop from the top value. This is norm al not only ins ide a bear phase, but is comm only seven inside a bul l phase to o. The 30% taken out from th e current top value on Sensex (21109) wo uld be less than 14800.

The total loss s o far, from th e high of 21109 to 15425, measures arou nd 28% so far. However, on B SE Small-Cap and MidCap Indloss from 2010 high does measure more than 30% .

Overal l , i t was argued much earl ier, that we wou ld see a topp ing form ation spre ad over 2-3 month period beginning Oct10. Thiout well as suspected. Indeed, as was observed, 60% of stocks topped out during Oct10 itself, and many have already shavedmuch more than 30%, though Sensex i tse lf shaved off o nly 28%.

Comparison with Jan'08 top formation

We compared the 2010 topping formation to the movement from Oct07 to Jan08, a 2.5 month periodju s t bef o re the h igh o f 212hi t on Sensex. This was also an extremely volati le periodof nearly two months, just before the market actually topped out.

The followingchart of 2008 period shows two equidistant parallel channels. The Sensex broke above the original channel and acan equidistant h eight at the upper paral lel , before reacting low er into a bear phase.

One may observe the volatile development once it reached closer to the upper parallel. Inside this volatility, the market faced number of sbeginning Oct07, before it finally topped on 8

thJan08.


13/18

Asimilarity can be drawn for the 2010 top formation with the developments of 2008, as shown below.

2450-point Grid chart for the Sensex

Sensex has been fol low ing a Grid of 2450-2500 points since 2008. These Grids are shown on the Weekly chart of Sensex below. Onfind a bottom or a top getting formed at each of the Grid levels. Index is now re-testing th e Grid level at 20250.


14/18

The larger picture

Our markets, remember, has seen mu lti fo ld ral l ies previously, each time continu ing for about 4 (fou r) years, after which , i t usual lya mu l t i -year consol idat ion ph ase. In other words, long-term has always meant 4 years in Indian context.

Remember, Sensex rallied11-fold from 390 (Mar88) to 4546 (Apr92) in four years, after which itconsol idated for 11 years from 1992003.

In 2008, it completed another 4-year rally from 2003, during which Sensex rose 7-fold from 3000 levels to 21000. It may nowconsolidate for 7 year, beginning 2008, preferably forming as a Triangle or Diametric.

We explained that the 14-month fall from Jan08 was a Triple Combination A leg of a large multi-year cons ol idation. The correphase beginning Mar09 retraced about 99% of the previous fallfrom 21206 (Jan09) to 8867 (Mar09), (which was labeled as a Tripl

Combination).The longer time required while rallying is symptomatic of its corrective label of B.

The rally from 8047 (actually beginning at 8867) was, therefore, considered as the B leg. The next leg downwards would be labC.Such a-b-c development since Jan08 would be considered part of the 2

ndwave of wh at appears as a probable Terminalbe

2003.

Even though we saw the market reaching levels above Jan08 highs, the multi-year cons ol idation is expected to s hape up l ike adecade-long Diametric, looking similar to the consolidation we saw from 1992 to 2003. Our trad ing/ investment s tra teg ies should bedesigned accord ing ly .

The suspected corrective phase beginning Jan08 would be the 2nd

wave within t he larger 5thwave. This 5

thwave is suspected to b

forming as a Terminal due to absence of impuls ive behavior in i ts in terna l 1s twave. The Terminal confirms when the Sensex drop

the 2-4 line of one higher degree.

One may see the Yearly chart in Appendix, which shows the 2-4 line and its values for the next three years. Remember, Terminal develousu al ly violates the 2-4 line.

The Sensex is assumed to be under the influence of a large 8-year cycle ever since its birth. As shown on the chart below, '1984 was th ebeginnin g of 8-year long bu l l -run ti l l '1992. In our Super-Cycle Degree count, shown on ASA Long-Term chart under a separate paragweve considered 1984 as the beginning point for the most dynamic 3rd wave.

The next two important turn ing points oc curred exact ly 8 yearsthereaft er, in '1992 and '2000. Both these turning points were markestock market scams, because of which, the leaders of the rally had extremely difficult time later. For example, ACC, the leading stock of '1market, remained below its highs till end of '2004. Similarly, the IT stocks, which were leaders of '2000 rally, lost as much as 90% of theirvaluations by the year '2003.

During 2008, we were sitting on this very important cycle, which therefore, threw up similar possibilities.


15/18

In the previous 8-year cycle top during 1992, Sensex lost 57% from 4546 to 1980. In the next cycle top, the cut w as almost 58% froin 2000 to 2594 in 2001.

We had, accordingly, targeted sub -10k levels for Sensexprice-wise during 2008-09, and a minimum of 13 months in to bear phase,wise. The price-time targets were achieved as Sensex dropped 63% from 21206 to 7697. The yearly channel, shown below, which was uearlier to project 20000 level for the Sensexduring 2007, was broken when the Index moved below 17200. Break of th is long- term chaalso weighed in favor o f a larger correctiv e phase fol lowin g this 8-year cycle.

App endix : Super-Cycle-degree Wave-scenarios for Sensex

For Super-Cycle-Degree wave-scenario, consider following ASA Long-Term Index. This Index has been created by combining a very old Icompiled by a British advisor (from '1938 to '1945), with RBI Index ('1945 to '1969), F.E Index ('1969 to '1980) and Sensex (thereafter till


16/18

The wave-count presented shows that the market is into the lower-degree 5th of the SC-degree 3rd

or 5th

wave.

The detailed wave-count from 1984 onwards can be seen on the Monthly chart given below. The 2-4 line shown on the ASA long-term Cabove, and Monthly chart below, would determine if the post 1984 Impulse is a Super-cycle-degree 3

rdor 5

th.

Super-Cycle-Degree 3rd

(or 5th) began since Nov84. Its internal 3

rdwas an extended leg, which achieved exactly 261.8% ratio to the 1

st

scale. The Sensex is now forming the 5th

Wave, and the same could develop as a Terminal, because its lower-degree 1stwave from Ma

onwards developed as a Diametric (which is a corrective structure, rather than an impulse). Within the non -directional legs, 2nd was e61.8% of 1st value-wise, and 161.8% time-wise. The 4th was 38.2% of 3rd value-wise, and 261.8% time-wise.

While the 4th is shown as a 3-legged a-b-c Flat on the monthly chart above. Alternatively, the 4 th is shown as a 7-legged a-b-c-d-e-f-g BowDiametric on the Monthly chart below. The chart below also shows 11-year parallel channel from Apr'1992 to May'2003. As shown, if one


17/18


18/18

As per NEoWave, break of 2-4 line confirms a Terminal development, and If the 5t

proves to be a Terminal, the Super-Cycle-degree labewill have to change to 5

th, because only a 5

thof a 3

rdcannot be a Terminal. Only a 5

thof the 5

thcan be a Terminal. The Super-Cycle-Degr

marking for 1st

and 2nd

as shown on ASA long-term chart, would then change to 3rd

and 4th

respectively.

Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of TechnicalAnalysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequencresulting out of acting on

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Weekly Technical Analysis 3RD JUNE 2013

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