Madhav Patil Follow I am Madhav Patil from Solapur, Maharashtra. I am a science graduate by education and now working as BM in a reputed Broking Firm. I have been in market since 2006, started as a part time trader. Gradually became full time trader after a year. I have been interested in technical studies of chart and have been doing so from last 5 years. I have been publishing my studies on social network sites from past few years but have stopped due to work load since past year and half. Now, opportunity given to post at the most favored site "Marketcalls", I would like to contribute with My best Thanks Madhav Patil

Nifty – Probable Flat Formation

January 13, 2014 25 sec read

As we can see in the daily chart,If we label 6342 (3 Nov 2013) to 5972 ( 22 Nov 2013) as wave A, gradually wave has to be labeled at 6415 (9 Dec 2013). The C wave has been confirmed when Nifty breached the 38.2% of wave B. Here Nifty have formed ‘ Flat ‘ where B wave is larger than A wave but fails to exceed above 123.6% of wave A.

Now considering these conditions, Nifty have relatively good chance of completely retracing the B wave 5972 but wont be more the 161.8% of wave A ie 5819 level but if it exceeds beyond then it will be considered as ‘Elongated Flat’ which will certainly exceed 161.8% of wave B ie 5698.

However, These readings will be negated if Nifty moves above 5415.

Thanks N Reagards

Madhav Patil