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

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Rajandran R

Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies. More From Rajandran R »

5 comments… add one

  • Anonymous February 27, 2009, 8:46 am

    dear ,do ur targets fr bpcl still hold now that the stock took support at its 100 dema. regds rashmi

    Reply
  • Rajandran February 27, 2009, 11:39 am

    BPCL is near extreme supports. Looks supports will hold. Else you need to cover your positions

    Reply
  • Nifty Bhaloo February 28, 2009, 5:56 pm

    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.

    Reply
  • Rajandran March 1, 2009, 6:49 pm

    Bhalooji Thanks for linking me

    Reply
  • nimesh March 5, 2009, 6:59 am

    Rajendran no comments for past few days.today nifty breached 2600 mark more to come??????

    Reply

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    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.