Elliott wave

Elliott Wave: Nifty Cash 5640 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 81.40% 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 140.45% 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.

Quick Mechanical Outlooks: Nifty Cash 5640

Last Thursday, Nifty gained and closed at 5640 levels. Still Mechanically, Nifty is in a +ve bias. Nifty will be negative if fall below 5590 level and close below.

Global cue is in strong positive, so Nifty likely to open higher. Buyer, hold Nifty with SL 5590. Short seller can wait for better rise.

Resistance: 5660 / 5685 / 5700 / 5740.

Support: 5630 / 5595 / 5565.

* * * * * 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…….!!!!!