Elliott Wave: Nifty Cash 5627 Forecasting
Large trend Unfold: # No change since last updates 07th June 2011 #
Major corrective phase will form in Flat patterns. Corrective major Wave 'b Upside is likely to be completed (?). 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. To conclude, major wave’ b to be 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.
If assume the top of major wave’ b at 6181 then wave’ c downside should be 38.2 %( @ 4722) of wave ‘a to confirm wave ‘b to be over, otherwise wave’ x will form.
Medium trend Unfold:
Inside major wave ‘c downside, impulsion likely to be started.
Inside wave’ c, 2nd wave sideway is ON.
Some modification is done in labels. But conclusions will be same as previous.
# Perspective will change above 6181 level #
Alternate Labels are in RED.
Small Internal Patterns:
Market is sideway in wave 2 with flat pattern, Minor wave’c upside is running. Both the wave a,b are in multi wave, so wave’ c can be a mono wave.
Quick Elliott Wave Views: Long term to Short term
As major wave’ c likely be started and to conclude major wave’ b is to be complete, wave’ c Must have retrace downside 38.2% of major wave’ a, i.e. @ 4722.If market not break the 4722 level then wave’ X will form. (Wave ‘b will said to be ON).
In Intermediate wave 2, market is moving in wave’c upside. With completions of small wave’c, intermediate wave 2 will be completed and 3rd wave intermediate downside will be start.
Major Conclusions: # No change since last updates 07th June 2011 #
As alerted on 6th Dec 2010,( See Last Update) that “Investors and traders should caution while trading long side. Trade in less quantity and avoid big positional portfolio.”
As concluded, wave ‘c is likely started downside sharply and it should have minimum target to 38.2% of major wave’ a. @ 4722 and can more drops to @ 4300…..As per Elliott wave study.
Till date 6/6/2011, the conclusions for 4722 is still ON. But time frame will be change, @ Dec 2011 to Feb 2012.
Conclusions: Level 4722 to 4300 will be break, nearly @ Dec 2011 to Feb 2012 of timeframe.
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.
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