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‘Elliott Wave Outlook on Global Equity Markets’: The GPS of the markets works on fractals

A virtual STA monthly meeting 12th September 2023 saw a presentation by Ashish Kyal who describes himself as: ‘Trader, Mentor and Founder of’. Based in Mumbai, it was nice to see that his many Indian followers had signed up for his talk – despite the time difference. Worth noting that Mr Kyal has an article in this month’s Market Technician magazine which STA members might want to read.

He was bright, smiley, talks fast and has a lot to say, but nevertheless stuck exactly to his proscribed 60 minutes. His talk cleverly interspersed the very basics of Elliott Wave theory, starting with Fibonacci numbers, with some great charts of major markets going back multiple decades. Always very useful when forecasting for the longer term, though he claims to occasionally used intra-day charts. India’s Sensex Index since the 1990s was followed by an explanation of the basic Elliott Wave count. Then a clean and clear chart of the Dow Jones Industrial Average since the 1930s using a log scale, where the major top at 75,000 is still a decade away. He then looks more closely at the sudden slumps in this index in 1987 and 2020, saying: ‘’pure greed and fear cause moves rather than other rational explanations’. On spot Gold (in US dollars since 1920) he believes it moves in prime numbers. He then explains the concept behind the degrees of Elliott.

One way or another he concludes that ‘’it’s time to be super-bullish on equities’’, even on Shanghai’s Composite Index because ‘’how can it be not moving when it is such a big economy?’’. He’s also bullish on gold (‘’the best investment, even over the next 6 months’’), crude oil (where he strays into supply and demand factors) and US 10-year Treasury yields (‘’which lead equities while commodities lag’’). He says: ‘’markets are still in a gung-ho phase’’.

He concludes with a brief reference to a book on Neo Wave Theory by Glenn Neely, which I admit I had not heard of, but he has no time to delve into this.

He ends with links and QR codes to his many social media outlets.

Posted in Finance, Markets, STA charts, STA news, Technical Analysis, Technical Analysis Courses, Technical Analysis Training, Trading, Trending
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The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA. The STA makes no representations as to the accuracy, completeness, or reliability of any information on the blog or found by following any link on blog, and none of the STA, STA Administrative Services or any current or past executive board members are liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. None of the information on the STA’s blog constitutes investment advice.

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