corner in seconds.,Which in turn can influence moment of stock markets worldwide and
increases volatility. A daunting situation for a trader.
Tracking Nifty waves as of now is no less than solving a puzzle.
Let me give my perspective .
Most of the elliotticians would back my on this when I say this is 4th sub wave of the main
3rd wave started on(5/5).
Lets get closer to 3rd main wave we can see a clear 3 waves in it till 27/10.
So here we reach the present situation 4th subwave of main 3rd wave.
Now in 3rd main wave the 2nd sub wave was a simple Zig zag.
Also since 1st subwave is not equal to 3rd subwave or
3rd sub wave is not equal to 0.62*1st subwave
We probably should have a Flat or a triangle here in 4th sub wave.
Lets get little closer to 4th sub wave
The rise from 2250( 27/10) low to 3240(5/11)high(green arrow)
this wave is 3 wave structure or
5wave structure is a debatable topic,:)
Though what happened after that look clear.
From 3240 to 2860 we did 5 waves down(Red arrow) Then...
From 2860 to 3160 we did 3 up(S blue arrow).
So the fall which we witnessed today should consist of 5 waves down.
The First target of this wave comes near 2800-2780
Second target comes near 2600-2550.
Note..A close below 2860 should open... way for down levels.
Let this happen and I would be ready with next Part Analysis
Regards
Rish
Comments welcome
RESEARCH REPORTS
