Covid in India & Elliott. Part (V)

Covid In India & Elliott Waves. As on Wed 28 April 2021.  Last official count 3.23 lakhs new cases per day.  Last unofficial count (not reflecting on chart  yet) : 3.6 lakhs new cases per day.

As the most unwanted rally in Indian history explodes higher in wave 3 of elliott terminology, more commonly known as the 2nd wave, it seems a matter of time before it reaches the 423% fibonacci extention at 413,000 new cases per day.

Beyond that is the 686% extention at 669,000.  If it goes beyond that, we would need to switch to log scale on the chart instead of the arithmetic scale being used currently.

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What is of particular concern is the increase of weekly cases as shown in the chart below.

What is of equal concern is the gap up between weekly cases has also been increasing.

This week's candle has mercifully begun without a gap up.  Last week's candle was the largest yet at above 87,000 new cases per week, so momentum is unfortunately still very strong to the upside.

Hopefully the candles will get shorter.  This appears to be the best we can hope for at this stage.