Short Term Elliot Wave Count for Nifty

Iam not an Expert with Elliot Wave count but still striving to fine tune my knowledge in wave counts.
I like to continue the analysis of Mr Corey Rosebloom about Elliott Wave on the Indian Stock Exchange 

Charts Shown here is the 2 month chart of Nifty with Possible Wave Count.
Chart shows major waves – [1,2,3] and sub waves – [a,b,c & (i),(ii),(iii),(iv),(v)]
1)My Elliot Wave Count starts near 3147 which is the recent high on 7th,Jan 2009
2)Since then i has made a recent low of 2672 which marks the completion of major wave 1 on 23rd,Jan 2008
3)After the completion of wave 1, nifty start making sub up waves a,b,c which ends at a high of 2948 which is near
to 61.8% retracement(2961). from the recent low 2662 which marks the completion of wave 2
4)Now nifty in the progress of making [i,ii,iii,iv,v] down subwaves towards the target of 2362 which is nothing but
the 161.8 of downward retracement between the 3147-2662.
5)The formation of 3-(iii) will be confirmed once we started closing below 2734 which is the mark of the end of 3-(i) wave.
Simple to say once 2734 is removed on closing basis 2400 is on the card….. atleast

Related Readings and Observations

  • Nifty Options Open Interest Update – July 2012 Nifty call writers for the current series marched from writing 5400CE series at the start of the series towards 5300CE and highest open interest is visible in 5300CE option stricke price. […]
  • Top 5 Business and Financial News related iPhone Apps Top 5 business and News related iPhone apps that will provide you with real-time market quotes. These applications not only work for Indians but International investors as well. You will […]
  • NSE BSE Ichimoku EOD Chart using ChartInk ChartInk provides free EOD charts for NSE and BSE with various Basic technical indicators. The only thing that differentiates ChartInk from other charting EOD portals like investbulls, […]
  • Nifty hourly charts for 12th Oct 2010 Hourly Ichimoku charts of nifty maintains the sell mode for the third continuous day with hourly cloud resistance near 6159. Wait for the Buy Signal to trade long(i.e a hourly close above 6159).


  1. Nifty Bhaloo says

    Excellent Analysis! I love to read your blog and have included the link to my fav blog lists on my blog. Please keep it up.

Leave a Reply

Your email address will not be published. Required fields are marked *