08th Sept 2010 Daily

Elliott Wave: Nifty Cash 5604 Forecasting:

Large 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 80.85% 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.

Medium Pattern Unfold: # No change since last update #

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 136.64% 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.

Quick Mechanical Outlooks: Nifty Cash 5604

Yesterday, Nifty rise and touched 5625 level up side and closed at 27 points higher. Mechanically, Nifty is in a +ve bias. Nifty will remain positive above 5530 level and close below also.

Global cue is in negative, so Nifty likely to open lower. Buyer, hold Nifty with SL 5530 and last SL 5470.

Resistance: 5630 / 5645 / 5695.

Support: 5575 / 5555 / 5525.

* * * * * 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…….!!!!!