Between Jun first week and Aug 14th every other stock exchange has gone through the same pattern. A wave pattern that I had explained in my previous post http://analyzestockmarket.blogspot.com/2012/08/nifty-jun-4th-to-aug-14th-12-eod.html
Elliot wave pattern especially is amazingly followed through out the globe and when I study any exchange all I get to see is this pattern i.e. an initial 5 wave impulsive pattern, followed by a 3 wave A, B and C corrective pattern and again followed by a 5 wave impulsive pattern
Let me show you some exchanges which will definitely throw up some light on how financial markets are tied to each other and how investors globally manage the entire show
FTSE (Financial Times and Stock Exchange) FTSE 100 on London Stock Exchange
The above wave pattern that I first explained has completely taken shape from Jun 1st till date and it all shows that this run on NIFTY is mostly driven basis global factors than on domestic factors
NASDAQ Composite
Going by the same Elliot wave pattern, we find the same thing occuring on charts
France CAC 40
Same pattern on Elliot wave observed here as well
Japan Nikkei
Elliot wave pattern observed in Asian markets
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