23rd Sept 2010 Daily

Elliott Wave: Nifty Cash 5991 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 91.7% 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 Running 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, Running Flat or a Triangle). Still, Wave ‘b moved 204.1% of wave’ a, It should not more than 261.8% 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 # No change since last update #

Small Wave ‘b is still ON. After small wave’ b complete, small wave’ c will start downside To conclude small wave ‘c, its must have min 38.2% of wave’ a.

Quick Mechanical Outlooks: Nifty Cash 5991

Yesterday, sell off pressure seen in the market, Nifty has touched 6037 marks upside and close at 5991 with negative 18 points. Mechanically, Nifty is still in a +ve bias. Nifty will be negative if fall below 5920 level and close below.

Global cue is in sideway to up. So Nifty likely to open sideway. Yesterday’s low 5946 will be crucial for long side. If it breaks then first sign of reversal and secondly it should break 5920 trigger point and close below. So, buyer, hold Nifty with rising SL5920. Short seller can short Nifty if it falls below 5920 level marks with initial SL high of the today.

Resistance: 6035 / 6090 / 6125.

Support: 5945 / 5920 / 5845 / 5770.

* * * * * 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…….!!!!!

Declaimer: Author's recommendations are solely made with the purpose to educate the market Participants / Traders / Investors and enable to them to derive maximum benefits by acting them. While due care has been taken in preparing these comment , no responsibility will be assumed by the author for the consequences whatsoever , resulting out of acting on these recommendations.