Elliott Wave: Nifty Cash 5415 Forecasting:
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)
Inside Double -Three combination patterns, Nifty moving in small wave’ b of 2nd 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
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Small Wave ‘b looks about to end. Downside Wave’ c started 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 must have to min 38.2% i.e. @ 5320.Can be drops to 5170(61.8%) and 5060(81%).
Quick Outlooks: Nifty Cash
Nifty has given its resistance level at 5470 and close up to minor gains of 7 points. Nifty has touch 5390 level two times. So trend below 5390 will be negative bias. Yesterday, Mechanically, Nifty has generate –ve signal. Nifty will positive only above 5515 level.
Global cue is negative, so Nifty likely to open lower. Short seller can hold short Nifty at, with nearer SL 5470 and final SL at 5525 level. Buyer should wait until Nifty to crossover 5500 level. Our target downside looks nearer to 5150-5050 level.
Resistance: 5455 / 5485 / 5535. Support: 5375 / 5320 / 5290.
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