07th Sept 2010 Daily

Elliott Wave: Nifty Cash 5577 Forecasting:

Large Pattern Unfold:

Major corrective phase will form in Flat or Triangle patterns. Corrective major Wave 'b Upside is ON. Wave’ b is retraces upside to 79.88% 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.

Medium Pattern Unfold:

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:

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 131.00% 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 still ON. Yesterday Nifty crossed the level 5550 and made 5589 as new high.

Quick Mechanical Outlooks: Nifty Cash 5577

Yesterday, Nifty was sharp rise and touched 5589 level up side and closed at 99 points higher. So mechanically, Nifty generate a +ve bias. Nifty will remain positive above 5520 level and close below also.

Global cue is in sideway, so Nifty likely to open higher. Buyer, who has buy Nifty at opening yesterday, should hold with SL 5520 and last SL 5470.

Resistance: 5595 / 5630 / 5695.

Support: 5560 / 5520 / 5470.

* * * * * 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…….!!!!!