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