17th Jan 2011

Elliott Wave: Nifty Cash 5654 Forecasting

Large trend Unfold:

Major corrective phase will form in Flat or Triangle 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. Inside, Wave' b was in Zigzag pattern.
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:

In Zigzag pattern, Intermediate Wave' c (LS 5) was trending impulse with 5^th wave failure.

Intermediate wave’ c was completed and a 1st stage confirmation was made. Downside trend started also will likely in impulsion form.
Note: We have modified the labeling of Intermediate Waves and medium term trend, but conclusions of trends are same as previous.

Small Internal Patterns:

Market was completed his small final lag I.e. wave’ 5 upside with failure one at @ 6181 on 4^th Jan 2011 with 2 stage confirmation.
Statements Concluded on 6^th Dec 2010 that ‘Time frames for small wave’5 to complete will be between 15^th Dec 2010 and 30^th Jan 2011”.

Quick Elliott Wave Views: Short term to Long term

Small Wave ‘5 was failure at 6181 and sharp fall seen on Nifty and all market scripts.
As major wave’ c likely be started and to conclude major wave’ b 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 call to be On).

As alerted to investors and traders on 6^th Dec 2010 about not to trade in big quantity and not to hold big positional portfolios.

Major Conclusions:

As alerted on 6^th 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…..As per Elliott wave study.
Also, as per Elliott Wave study, Intermediate Wave' c (LS 5) will likely to retrace entirely within 3 - 4 month time and It can drop to 4780 level.

Conclusions: Level 4780 will be break within 3 - 4 months 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.