03 July 2012: Nifty Elliott wave analysis: A dull attempt is likely to come towards 5343 levels. Nifty has trading support @ 5260>5248>5209. It is not weak yet.
You must read previous articles and
watch above chart carefully to understand this article completely.
It was another surprising dull day
yesterday but now these are very common things. Practically it is impossible to
trade on index. My study and view remains same. It means that I am still hoping
for a move towards 5343 levels. Will it come or not? I am repeating same study
for today also.
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 point
I like to add one more point. This rally
is running from 4770. From a top you need to put support at 38.20% as reversal
point. Previously it was coming at 5029, now it is coming at 5090-5100 levels. Now,
support if we see a high at 5343 then 38.20% will come @ 5125.
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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