The month of January is behind us and the markets lost about 3.4 pc for the month. we had said "It should be buy on dips and if the statistics are correct, then 1 dip
should come to around 6000-6100 levels which would be the time to buy
quality stocks." and the dip did come.
1. The month of February is not a very positive month on the upside. so, the upside is typically capped. This may be due to the fact that every year the budget is on 28th February.
2. In the last 13 years, month of February has always gone below the Jan close. which means that 1 dip will come for sure.
3. 9 times out of the last 13 years, the low has been substantially below the Jan close (more than 2 pc below). This implies we will see 5950 at least once this month.
4. Similarly, the highs have also been 2-3 pc higher than the jan close. so, on the upside this gives a range of 6200-6300.
5. On the lower side 5850-5950 comes into the picture.
The range for the month can be 5850-5950-6200-6300. Feb can be a historically a very volatile month.
As per Elliot, we had stated,
A rough labeling of the waves from 5118 can be as follows:
1. 5118 - 6142 (1024 points)
2. 6142 - 5700 (442 points)
3. 5700 - 6415 (715 points)
4. 6415 and on going
Now, a logical end to this wave would be at 6141, 6057, 5973 or 5843 which matches with our figures in point 1.
we seem to be in the last leg of the down move A-B-C.
A was 6415 - 6130
B was 6130 - 6358
C could be 6358 to 5896
1. The month of February is not a very positive month on the upside. so, the upside is typically capped. This may be due to the fact that every year the budget is on 28th February.
2. In the last 13 years, month of February has always gone below the Jan close. which means that 1 dip will come for sure.
3. 9 times out of the last 13 years, the low has been substantially below the Jan close (more than 2 pc below). This implies we will see 5950 at least once this month.
4. Similarly, the highs have also been 2-3 pc higher than the jan close. so, on the upside this gives a range of 6200-6300.
5. On the lower side 5850-5950 comes into the picture.
The range for the month can be 5850-5950-6200-6300. Feb can be a historically a very volatile month.
As per Elliot, we had stated,
A rough labeling of the waves from 5118 can be as follows:
1. 5118 - 6142 (1024 points)
2. 6142 - 5700 (442 points)
3. 5700 - 6415 (715 points)
4. 6415 and on going
Now, a logical end to this wave would be at 6141, 6057, 5973 or 5843 which matches with our figures in point 1.
we seem to be in the last leg of the down move A-B-C.
A was 6415 - 6130
B was 6130 - 6358
C could be 6358 to 5896
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