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| NIFTY ELLIOT WAVE CHART |
I am sticking to my count which I had
given some time in Aug 2013 as nothing has changed in the
hypothesis. Therefore, following is the continuation of the same
argument.
Wave 1 started from the low of 4531.15
on 20/12/2011 which took the shape of a Leading Diagonal and ended at
6229.45 and followed by a simple wave 2 correction which corrected
61.8% and made a low of 5119 on 28/08/2013 which marks the
beginning of the wave 3. The move that followed had confirmed that
NIFTY is in a typical wave 3 move.
Now let us look into the internals of
wave 3.
Wave (i) 5119 - 6343
Wave (ii) 6343 - 5933 Little less
than 38.2% correction.
Wave (iii) 5933 - 8180 This wave is
extended done more that 161.8% (approx 180% of wave (i) )
Wave (iv) 8180 – 7724 This was
again a shallow correction done little less than 23.6%
Since we are still in wave 3, the
question arises where will it lead us to ? It is presumed that
within wave 3, 4 subwaves have been done and now we are witnessing
wave 3 (v) .
The typical target for the end of wave
(v) and hence the wave 3 comes at
- 8893 38.2% of zero to wave 3
- 8948 wave (i) = wave (v); whenever wave (iii) extends.
If we take into consideration the major
waves which began from 4531 wave 3 has already covered more than
(of wave 1)
1.618 @ 7866
1.707 @ 8017
The next ratio which coincides with the
targets anticipated from the internals of wave 3 happens to be
2.236 times of wave 1 and gives target
for NIFTY @ 8916. Although 2.0 of wave 1 comes @ 8515 one can
keep an eye on this along with the internals of the sub wave (v).
The Confluence of Ratios suggest that
we may have wave 3 ending somewhere in the region of 8893- 8916 - 8948.
Happy Trading !
SHEKHAR
