New COVID Cases in India & Elliott Wave Analysis. As on Monday (Holi) 29 March 2021. Last official count of New Covid Cases in India 62,714/day.
New Cases of Covid Cases in India on Feb 15, 2021 : Apprx 9,000/day
Current New Cases as of yesterday, 28 March 2021 : Apprx 63,000/day
7 times growth in 6 weeks.
As the grim picture of new covid cases in India multiplies exponentially, we thought we would look to elliott waves to get a sense of where we are headed.
The extremely fast exponential rise in the last 6 weeks looks very much like a wave 3. (There are other options, but for now this seems the most probable).
If this is indeed a wave 3, new cases in India could rise to the following fibonacci extention multiples (it could stop at any of these levels) :
150% extention : 147,000 new cases / day
161% extention : 158,000 new cases / day
200% extention : 196,000 new cases / day
261% extention : 256,000 new cases / day
423% extention : 415,000 new cases / day.
These are very grim statistics. Policy response from the government has to be well-coordinated and meaningful to ensure this wave 3 is changed to a wave C. An impulsive 5 wave move up must be avoided at all cost, as it would signal further increases down the road.
Civil society, all of us, must also play a useful role by remaining safe with our family members.
Stay safe !!