India has a serious inflation problem, something officials have been highlighting recently. A recent Reuters poll of economists had forecast the central bank would raise key rates by a quarter point on Tuesday, and 75 basis points in total during 2011. Today, India's central bank, as forecasted, raised key interest rates by a quarter point. The increase in key rates was the seventh since March.
My article, as reported on January 12, 2011, the Nifty Opportunity was already calling for a substantial decline based upon Elliot Wave patterns. The decline was expected to be corrective - moving against the larger trend.
The question now is whether future interest rate increases should have us more bearish or is a great buying opportunity right in front of us. To find out, listen to my forecast and study the chart of the Indian Index right now.
Best of Trading
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