Covid in India and Elliott Waves. Part (II). As on Thurs 8 April 2021.
When we wrote our previous post on Covid 10 days ago, we did not expect to write a follow up analysis in such a short time. Unfortunately, the new case count is moving exactly as a wave 3 should, and this has serious implications.
For those who think Elliott Wave is only about the stock market, it is not. Elliott Waves are about patterns that tend to occur in both human behavior and natural events. See this video that explains this in greater detail. It is called History's Hidden Engine.
Last official count of new cases / day in India (on April 6) : 115,000
The new case count has almost doubled from 63,000/day on 29 March 2021 to 115,000/day on April 6, 2021 (in the short space of 9 days). This fast rise virtually confirms that we are headed to at least the 150% fibonacci extention at 147,000, but more likely to the 161% extention at 159,000 and quite possibly higher. (See post of 29 March).
The virus is already running rampant. It could rage thru our population in no time as we are already seeing. There is a danger we will look back fondly to the previous peak in Sept 2020 of 97,000 new cases per day, as even that may look difficult to achieve.
Both policy makers and civil society need to do more to halt this virus in its tracks (This could still change the wave 3 to a wave C in elliott wave terminology). An impulsive 5 wave up must be avoided at all costs, as that would signal at least another 5 wave increase down the road.