02 July 2012: Nifty Elliott wave analysis: Cross over of 5209 came as gap up but target seem to be at 5343 now. If able to sustain even above 5343 then expect 5496 levels (Will it be that simple?)

You must read previous articles and watch above chart carefully to understand this article completely.


It was only a 20% chance for the extension of 5th wave but it came. As it came so wave structure must be changing. I am keeping things very simple about extension of 5th wave.

First view is wave c = 1.618* a = 5343 (Already stated on Friday too in my intraday updates.
Second view is wave c =2.618* a = 5496 (Things can never be so simple in stock market as it looks on charts.)
Take another calculation, wave 1 = 4770.35 to 4898.95 = 128.60 points (Up). Wave 5 has to comparable with wave 1 or wave 3.


>> Consider first with wave 1 – Wave 5 = 2.618* wave 1 = end up 5378. So we can say that 5378 will act as tougher hurdle to cross.


>> Let us explain with Wave 3 – 4847.70 to 5190.20 = 324.50 points (Up)
76.40 % rise from 5041.70 of wave 3 = 5288, which was roughly the high pointof Friday’s trade.


So you should look for 5343 as first hurdle and 5378 as second hurdle. Wave theory suggests that fifth wave advance can continue till 5343 but I am doubtful about 5378. Although I should not close any views completely so I will keep 5496 in my studies. 


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Praveen Kumar
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