As per http://blog.afraidtotrade.com/the-three-hard-rules-of-elliott-wave-theory/

Elliot Simple Rules to Follow :

1. Wave #2 Cannot Retrace 100% of Wave #1

2. Wave #3 Cannot be the Shortest Wave (but does not have to be the longest)

3. Wave #4 Cannot Enter the Territory of Wave #1

As Per rule 3 wave 4 cannot enter the terrtirory of wave 1. So from

the short term count from nifty charts Wave 3-iv should find

resistance near 2724 region as per the rules it cant retrace into the

3-i region i.e 2724.

posted W.r.t to my last post on Short Term Elliot Wave count

http://www.marketcalls.in/2009/02/short-term-elliot-wave-count-for-nifty.html

Dear rajandran,Markets did not close above 2724. and my wave matches yours so i hope nifty does not cross 2724 and the 3 ka 5 th wave begins its journey downwards. tgt – 2300. it should be a fast downfall next week. Naren.naren309@gmail.com

sir,it crossed 2724..and close strongly…so wave count is wrong or….still hope for 2300….just asking with academic interest no question of criticising..thanksathshree@yahoo.com

Tne Nifty cross the 2808 level. Now it will again resist at 2835-2840 level. Let’s see.