28th Sept 2010 Daily

Elliott Wave: Nifty Cash 6036 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 92.6% 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 ON. (Last pattern is On Running 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, Running Flat or a Triangle). Still, Wave ‘b moved 210.1% 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

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 6036

Yesterday, sell off pressure seen at higher level of Nifty. Nifty gained 6074 marks and close at 6036 with positive 17 points. Mechanically, Nifty is still in a +ve bias. Nifty will be negative if fall below 5960 level and close below.

Global cue is in sideway to positive nodes. Nifty will likely to open flattery. So, buyer, hold Nifty with same yesterday rising SL 5960. Yesterday low will be crucial one. If it breaks then first sigh of weakness and secondly it should break 5960 and close below. Short seller can short Nifty if it falls below 5960 level marks with initial SL high of the today.

Resistance: 6065 / 6095 / 6135.

Support: 6005 / 5970 / 5905.

* * * * * 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.