Friday, March 16, 2012

Nifty - Elliott Wave Analysis.

Hourly EW Chart
Nifty was volatile during the budget today, but once the session was done, and the dust settled, the market resumed its original trend, which was "down". Now how much more down side is remaining for Nifty, and by using the Equality guideline for waves [a] and [c] we get wave [c] target around 5080 - 5040 levels. This range also marks the 50% retracement target for the upmove which started from the 4530 levels. At a minimum we should make a new low below the low of wave [a]. But just to be cautious of any untoward development, we have to be on guard for a possible support around 5295 levels. Once through this level we will atleast test the bottom of wave [a].

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