>Mahindra and Mahindra analysis update

Auto sector as had mentioned witnessed sharp fall.M&M ,TATAMOTORS ,BAJAJ AUTO ,MARUTI ETC witnessed sharp falls,In my old post Auto sector had given analysis of the
auto sector heavy weight m&m it reacted sharply to the resistance and is already 100+ points down from top.It looks to be falling in impulse which suggests it would turnout to be a good
short again in rises keep an eye.A chart is attached to shown vicious impulse still on.


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>Nifty elliott wave counts

Turbulence galore!!!
In my last nifty post nifty analysis had mentioned about Y ending in 4700-4600 range
we reversed from 4700+-20 points,Had categorically written about a good relief rally .
We did see fantastic pullback(4700-5400)a three wave move suggesting another complex
corrective wave.The following chart shows that.
The first chart shows the 3 wave up X relief.The second chart is weekly which is showing the
expected abc unfolding over next few months,a can be finishing near 4700+-50
b can go back up to 5000+-50 the final c can go to 4500 levels if it stretches then 4200-4000.
The point to stress here is you see each abc retraced 60% of previous abc ,Which usually happens in complex corrections,That's the reason we are yet to see panic in Indian markets as the rises retracing the drops upto 60% and dropping again so a slow drop nevertheless lowertops continuously !!!!!!,Would update if market does something else.

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