|NIFTY WAVE COUNT|
Well while everyone is concerned for short term targets on NIFTY; I always look at Long-Term Chart 1st, Identify the major trend and then go for short term price targets.
So the major trend which still looks to be Bearish might be in its last phase.
I'm not a Elliot chap. This is for the first time I'm doing Elliot Wave Analysis.
So Structurally the fall from Nov 2010 which has been a Channeled affair so far, can be labeled as a complex corrective. In case the channel is broken on the down side we may see situation like Oct 2008 and retest of gap-up area of 3600-3900 cannot be rules out.
So, the current structure looks to be a Triple Zig-Zag.
After the X wave in Oct High of 5400 the fall in Nov till 4640 was 5 wave pattern and is labeled as Wave A. Currently Nifty is moving up in wave c of B which may end somewhere near 5060-5070. And then wave C down which is the final leg of this down fall will start.
Well where this final leg will end is a misery... :)
It may end near 4300. Or 3900 or in Worst Panic 3600.
I'm least interested in guessing where it will end. But would rather wait and watch..
So currently I'm only interested in finding a good sell opportunity which may come within next two days.
Tomorrow might be the last day for BULLS to enjoy the Party.
So if you are long please square all the longs till tomorrow.
BEARS ARE AWAKEN & WILL HIT IT HARD..
Disclaimer:- This is the first time I'm doing Elliot Wave Analysis which may not be correct. But according to my simple Technical patterns 5060-5070 is strong Resistance and will be met with selling pressure. And 4150-4300 is my target as per the 2 year Long (2009-2011) HnS Pattern which is still pending
Thanks & Regards,