Friday, October 8, 2010

08th Oct 2010 Daily

Elliott Wave: Nifty Cash 6120 Forecasting

Large Pattern Unfold: # No change since last update #

Major corrective phase will form in Flat or Triangle patterns. Corrective major Wave 'b Upside is ON. Wave’ b is retraces upside to 96.5% of wave ‘a. Major wave’ a was in complex pattern and wave’ b also in complex patterns. Wave' b is likely in Zigzag pattern internally. To conclude, major wave’ b to complete, the minimum correction of major wave ‘c should be 38.2% of Wave’ a, from the top of wave’ b. Conclusion is that wave' c will be the failure one and will not retrace the entire wave' b.

Medium Pattern Unfold: # No change since last update #

Inside Zigzag pattern, Intermediate Wave' b seen Double -Three combination pattern.Intermediate wave’ b is ON. (Last pattern is On Running Flat or a Triangle).

Small Internal Patterns: # No change since last update #

Inside Double -Three combination patterns, Nifty moving in small wave’ b of 2nd pattern (Last pattern is On, Running Flat or a Triangle). Still, Wave ‘b moved 234.4% of wave’ a, It should not more than 261.8% of wave ‘a. After small wave’ b complete, small wave’ c will start downside. To conclude wave ‘c, its must have min 38.2% of wave’ a.

Quick Elliott Wave Views: Short term

Small Wave ‘b is still ON. After small wave’ b complete, small wave’ c will start downside. To conclude small wave ‘c, its must have min 38.2% of wave’ a.If we assume that 6223 is top of small wave’ b then wave’ c must be 38.2 %( @ 5985) of wave ‘a. It can drops to 61.8 %( @ 5840).

Quick Mechanical Outlooks: Nifty Cash 6120

Yesterday, heavy sell off pressure seen in the Nifty at higher level. Nifty touched 6199 and drops to 6107 marks. Nifty closed at 6120 with negative 66 points. Mechanically, Nifty, break the level 6145, so it triggered a –Ve signal. Now, Nifty will be positive above 6205 level and close above.

Global cue is in sideway nodes. Nifty will likely to open sideway. So, buyer, buy the Nifty only above 6205. Short seller, who shorted Nifty below 6145, can hold with initial SL 6205.

Resistance: 6165 / 6225 / 6260.

Support: 6075 / 6015 / 5975.

* * * Conclusion: As 30th Sept 2010 has gone, We concluded on dated 01/08/2010(@ 5400 Nifty) that IF Nifty not fall below 4675 within 30th Sept 2010, than it will cross above 6400 mark within 30th Jan 2011.

Till date, Nifty has becomes strong and reach above 6200 mark. So our major conclusion is going in right directions. Nifty will cross 6400 marks within 30th Jan 2011.

This conclusion is arrived from Elliott Wave Principle…….!!!!!

Declaimer: Author's recommendations are solely made with the purpose to educate the market Participants / Traders / Investors and enable to them to derive maximum benefits by acting them. While due care has been taken in preparing these comment , no responsibility will be assumed by the author for the consequences whatsoever , resulting out of acting on these recommendations.