Monday, December 6, 2010

Elliott Wave: Nifty Cash 5992 Forecasting

Large trend 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 99.5% 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 trend Unfold:

Inside Zigzag pattern, Intermediate Wave' b was Double -Three combination pattern.

Intermediate wave’ c is ON. We have modified the labeling of Intermediate Wave' b and medium term trend, but conclusions of trends are same as previous.

Small Internal Patterns:

Inside Intermediate Wave' c, Nifty moving up in impulsion form. In small waves, market is in his final lag I.e. wave ‘5 upside likely to be failure one or will make a new top. Time frames for small wave’5 to complete will be between 15th Dec 2010 and 30th Jan 2011.

Quick Elliott Wave Views: Short term to Long term

Small Wave ‘5 is ON. Wave ‘5 upside will likely to be failure one Time frames for small wave’5 to complete will be between 15th Dec 2010 and 30th Jan 2011.
Captions: So, investors and traders be caution while trading long side. Trade in less quantity and avoid big positional portfolio. Because after major wave ‘b complete, major wave ‘c will start downside sharply.

Quick Mechanical Outlooks: Nifty Cash 5992

Today, sell off pressure will be come in the Nifty at higher level. Mechanically, if Nifty, break the level 5965, then it will triggers the –Ve signal. Nifty will be positive above 5965 level. Hold with 5965 level.

Resistance: 6040 / 6085 / 6140.

Support: 5965 / 5945 / 5880.

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 touched @ 6338 mark. So our conclusion was achieved.

New Major Conclusions: Investors and traders should caution while trading long side. Trade in less quantity and avoid big positional portfolio. Because after major wave ‘b complete, major wave ‘c will start downside sharply. Time frames for major wave ’b to be complete will be between 15th Dec 2010 and 30th Jan 2011. Level 4780 will be break within 3 months of time after making a top.

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.