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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
dear ,do ur targets fr bpcl still hold now that the stock took support at its 100 dema. regds rashmi
BPCL is near extreme supports. Looks supports will hold. Else you need to cover your positions
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.
Bhalooji Thanks for linking me
Rajendran no comments for past few days.today nifty breached 2600 mark more to come??????