Since 2012 is drawing to a close, let us take a peek at what is in store wave wise in 2013.Technically it appears we are in an inflexion point. The current bull trend could continue or it could top out any moment, any day.So how does the long term picture look like?
Wave A retraced the previous bull leg by 64.85% and fell to 2763.65.
Wave A took 14 months.
In 22 months Wave B retraced Wave A by 99.8% (nearly 100%)
So Wave A>Wave B. So far it is following the pattern of a normal or common Flat.
Wave C retraced Wave B by only 44.80%.This makes the counter move which is D as quite bullish.
Wave C had taken 12 months, which compares well with the 14 months taken by Wave A.
We are currently in Wave D. Wave D is an impulse wave so far. When wave D reaches 6131.48 it would have retraced 99.8% of wave C.
In the diametric of 1992, we had seen that D wave did not go above B wave.
The interesting question is “Since C wave had retraced only 44.8% can wave D go further than the November 2010 top?
2013 shall provide the answer!
The next chart provides one possibility….