Hi Friends,
As I have been mentioning in my posts Nifty seem to be in Huge Ending Structure from Last 2 years from 4531. Currently it seems to be in (Z) wave of this Structure.
In November Nifty fell sharply after testing 6340 levels on Diwali. However, Bulls protected the important support of 5970. As
per my reading the sharp rise from 5120 looks like an Ending Diagonal. And Nifty is likely to complete final 'e' leg of this Diagonal near 6460.
Post completion of this Ending Structure we might witness a Huge Downside back to 4500 or lower in a year ahead. Whenever we get the evidence of the end of this move I would be looking for immediate downside to 5970. If this Pattern is true post completion Nifty might fall sharply to 5090 till End of Jan 2014 or even lower to 4760 till End of March 2014.
Alternatively 1 may call the Rise from 5118-6343 as a Leading Diagonal in Wave 1 of New Bull and The Dip to 5972 as wave 2. So if one who is looking at the rise from 5972 as Wave 3 should be aiming for much higher targets.
However, Wave Analysis of the Nifty-50 Stocks & Other Indices don't support the Idea of the New Bull. We are probably close to End of 2 year Long Up Trend rather than Beginning of New Bull Trend.
I would like to review the alternate structure only if Nifty sustains above 6450-6500 levels on monthly closing basis.
Thanks & Regards,
Harsh Dixit.
As I have been mentioning in my posts Nifty seem to be in Huge Ending Structure from Last 2 years from 4531. Currently it seems to be in (Z) wave of this Structure.
 |
| NIFTY |
Post completion of this Ending Structure we might witness a Huge Downside back to 4500 or lower in a year ahead. Whenever we get the evidence of the end of this move I would be looking for immediate downside to 5970. If this Pattern is true post completion Nifty might fall sharply to 5090 till End of Jan 2014 or even lower to 4760 till End of March 2014.
Alternatively 1 may call the Rise from 5118-6343 as a Leading Diagonal in Wave 1 of New Bull and The Dip to 5972 as wave 2. So if one who is looking at the rise from 5972 as Wave 3 should be aiming for much higher targets.
However, Wave Analysis of the Nifty-50 Stocks & Other Indices don't support the Idea of the New Bull. We are probably close to End of 2 year Long Up Trend rather than Beginning of New Bull Trend.
I would like to review the alternate structure only if Nifty sustains above 6450-6500 levels on monthly closing basis.
Thanks & Regards,
Harsh Dixit.
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