06th Sept 2010 Daily

Elliott Wave: Nifty Cash 5479 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: Short term:

Small Wave ‘b is ON and about to end (?). Last week, Nifty gains, which put question mark on downside Wave’ c, because characteristics of wave’ c should sharp and violate nature. And also, its must have min 38.2% of wave’ a @ 5320. But Nifty touched 5349 and recover sharply. Perspective about for wave’ c will change above 5550.

Quick Mechanical Outlooks: Nifty Cash 5479

Last Friday, Nifty touched 5473 level lower side and closed at 7 points lower. Still maintain below 5515 level. Lower side Nifty maintains the 5471 level. So mechanically, still Nifty is in –ve bias. Nifty will positive only above 5515 level and close above also.

Global cue is positive, so Nifty likely to open higher. Short seller can square off Nifty with final SL at 5525 level. Buyer and day trader can buy Nifty at opening with SL 5470(last two days bottom).

Resistance: 5520 / 5535 / 5580.

Support: 5475 / 5445 / 5400.

* * * * * 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…….!!!!!