IC Charts is a word document of long term wave counts that I started putting out

more than a year back because some of the multi year trends that we are seeing
now might be rare at this degree of time. I was trying to identify ending patterns or
tops that would end entire business cycles and progress made by companies for the
time being based on Elliott waves. Some stocks have already started down the path
identified and others have stretched beyond my numbers without changing the long
term structure too much so the view is still in tact. But as this went on I have not
written about this. Note this document is very long term so it will not be posted on
Indiacharts. It is not a recommendation and you need to do your own
research on what is published here to verify these outcomes. These are not
trades to be taken. This is an Elliott wave analysis of long term trends of key stocks
in the index.
So Enjoy the charts from a TA perspective!
INFOSYS
Yes again. I will again show this wedge pattern on Infosys that has been forming
since 2006. The stock has been in a 5th wave since 2001. Wave E of the wedge is
now itself an ending pattern at the recent high. Wave e of E is still forming and not
touched the upper line near 1400. Whenever this trend reverses Infosys is supposed
to go back to the starting point of the wedge. The wave B low itself is at 250, and
wave 4 ended at 123. This is not a typing error. No it is a senseless number and
fundamentally impossible, except if Donald trump wins the next US election and has
his way with immigration law.

2500
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b
E

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ACC
What looked like a ending diagonal is probably a series of impulses in 3 rd waves that
ended. And the 2012 top was also a wedge ending a 3 rd wave. So the 5th wave may
have only ended now. Keep the wedge also an open option. What is important here
is that this quarter ACC broke below the rising trendline from 2001. The 1990s was a
complex corrective pattern so mostly wave 4, and with the 5 th wave ending it has
major long term implications. The coming decline would be a correction that would
be a bear market correcting the entire advance. It is not the size of the correction
but the importance on a long term degree that will be important.

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1

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ac

W
W

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RIL
For years I have tried o anticipate that the triangular pattern is a 4 th wave of some
kind for RIL and wave 5 up would unfold. It did not. Also I have tried to think that the
5th wave was truncated at the 2009 high. That high was never surpassed. But here
is another case that will fit with my overall bearish market outlook. RIL was in a 5 th
wave between 2009-2015 forming a ending triangle/wedge pattern. The pattern did
not make new highs because the 5th wave is indeed truncated. Now prices are still
between the 1100-800 trading range and I think we are going to need an actual
price confirmation. By now most would like to believe that this stock cannot go

below 800-750 range. I too discussed the bull case for RIL some time back if it holds
these long term channels. The triangle between 2009-2015 could be a bullish
consolidation to be followed by a breakout
upwards. But we should let the breakout
b
confirm above 1104. Prices have rallied in 3 waves to this line once again recently.
Failure to breakout should keep us open to bearish alternates as well.
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1150

Evening Doji Star

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Jun Jul

Aug Sep Oct

Nov Dec 2015

Mar Apr May Jun Jul

Aug Sep Oct

Nov Dec 2016

Mar

BPCL
The yearly chart of BPCL is intriguing because the triangular pattern from 20042013 could be a long term running triangle in wave. If true then wave 5 is the final
advance to the long term up trend here. In theory once wave 5 ends we go back to
wave 4 of lower degree which is at 268. On the monthly chart we did close down
recently making the case for wave 5 to end. Unless prices clearly extend higher a
15 year 5 wave advance can be marked here.

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5=78.6% of [1-3]
3
4

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ABB
What I am looking at therefore are long term topping patterns that are playing out.;
Wave X/B for ABB might have completed recently and then it is due to start wave
Y/C down to a low below W which was 344.

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X
A

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Cadilla looks like 5 on a quarterly chart as long as the high is not surpassed, in
which case wave 5 would simply extend somewhat in price and time.

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3M Am actually looking at a new set of stocks that are all saved on my computer
with previous markings updated. Another 5 waves up. 6488 and 2650 are the levels
of the two trendlines on the chart

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4

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TATA Motors
May appear absurd to some, but the H&S failure in 2000 is a 4 th wave running
triangle. So wave 5 afterwards is an ending pattern of some sort, where 5<3<1, so
even as 5 shot above the upper trendline, as long as it was smaller than 3 it is a
throw-over. That I maintained and was eventually proven right as wave A down was
5 waves marking the start of a bear market. The low of wave 4 of the wedge is at
135. And wave 2 low is at 25.
b
B

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BHEL
Wave Z of 4 goes to the lower end of the channel at 68.
5

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4
3

W = 61.8%

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Z

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95 96 97 98 99 00 01 02 03 04 05 06 07 08 010 10 11 12 13 14 15 16 17 18 19 20 21 22

Dr. Reddy

Broke a rising trendline on the quarterly chart and closed down for the quarter
making it possible to mark the entire rise as 5 waves. From 2005. This can also
complete a long term 5 wave [circle], where wave 3 is larger than wave 5 but
shorter than wave 1. The boxes show this.
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Sun Pharma yearly chart counts like a 5 wave rise. So till the high holds we are in
a larger degree correction. Also the second chart shows wave 5 was rising in a
channel that recently broke.
b

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a
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94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 010 10 11 12 13 14 15 16 17 18 19 20

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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019