30 th August 2010 Daily

Elliott Wave: Nifty Cash 5408 Forecasting:

Large - Medium 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 78.85% 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.

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

Intermediate wave’ b is about to end (Last pattern is On Irregular Flat or a Triangle)

Small Internal Patterns: # NO CHANGE SINCE LAST UPDATE #

Inside Double -Three combination patterns, Nifty moving in small wave’ b of 2^nd pattern (Last pattern is On, Irregular Flat or a Triangle). Still, Wave ‘b moved 124.63% 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: Small Wave ‘b looks about to end (?). Downside Wave’ c started likely because characteristics of wave’ c is sharp and violate nature and last week fallout conclude about wave’ c.To conclude, its must have 38.2% of wave’ a. If we assume top of wave’ b at 5550, small wave’ c should have to min 38.2% i.e. @ 5320.Can be drops to 5170(61.8%) and 5060(81%).

Quick Outlooks: Nifty Cash

Nifty was crack down after one day small point’s gains. Yesterday ended negatively 69 points. Nifty has broken 5430 level and close below also. Mechanically, Nifty has generate –ve signal. We are positive for Nifty only above 5515 level.

Global cue is positive, so Nifty likely to open higher. Short seller can short Nifty at rise toward 5500, with SL 5525 level. Buyer should wait until Nifty to crossover 5525.

Resistance: 5465 / 5480 / 5515. Support: 5400 / 5355 / 5320.

* * * * * Mid term Conclusion: # 01/08/2010 # Perspective can change only below 4675 #

IF Nifty not fall below 4675 within 30th Sept 2010, than it will cross above 6400 mark within 30^th Jan 2011.

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