Recently Mark Galasiewski from Elliott Wave International forecasted about Indian markets and has given Sensex target. For investors, this forecast may seem too enthusiastic. I will discuss more Mark Galasiewski India Forecast in this post as he sees this Indian market still has miles to go.
Mark thinks that as per Elliott wave theory both the Sensex and Nifty are into a very long term uptrend. The uptrend in Sensex started since 1979. Since then this market is following a single support line and it above the support line and the support is very strong. From the perspective of the daily wave, the advance in the markets since 1979 is a supercycle advance and we are now in the sweet spot of the advance. Indian markets are also in the sweet spot of the slower degree advance that has started since 2008 lows.
Hence it is an excellent time to invest in Indian markets as all the cycles are favoring this bull run. Till now 85% of investments have come from the 85 major cities but now past few years have seen that this investment is diversifying in smaller towns too. This denotes that we are perfectly in the third of the third leg of advance. So Mark Galasiewski thinks that this is the best time to invest in India as the long term uptrend is going to last for several more years before the Sensex target hits.
On 2009 Mark Galasiewski forecasted Sensex target at 1 lac by 2024. So it was a 15 years forecast and he still sticks to that forecast. Since 2009 Sensex and Nifty has tripled and now Mark Galasiewski India forecast is they will once again more than triple in the coming years.
Mark also sees that the midcap and small-cap indices have taken off and the rate of change is greater than the general indices. This is a strong sign that we are in the third of the third wave. Mark sees that Infra Tech is a sector that is underperforming but there is little downside left. So he feels this sector can be a safe bet.
The best part in this Mark Galasiewski India forecast is that this third wave is almost a year old but it can last for another year offering excellent investment opportunities.