India’s Sensex readies for correction

This 10-minute chart gives early warning of an imminent S/T top

The Indian stock markets have been in a tizzy following a resounding victory by the Congress party. The Sensex gapped higher from 12219 a day before to open at 13479 the day after the election results. Today, the markets reached a high of 15045, up 23% after the election results.

The 10-minute chart shows three attempts at 15045 and it couldn’t break higher. Subsequently, the lower neckline was violated. This is a good early warning of an imminent correction. Look for a move down to 14170 first. We will probably get some fresh buying there, driving the index slightly higher. But eventually we should see the index decline to at least 13375.

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