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Disclaimer : Iam Starting this post with a disclaimer. Because Iam not an expert with Elliot Wave.
I made this post just to ask suggestions with the Ellioticians and Experts reading my blog.
I had made 16,600 as the Peak in the Elliot wave structure as GANN Resistance near 16,600.
Experts please give your suggestions here
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Nifty Hourly Charts Indicating Further Downtrend
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Dear Sir,pl read this thread. i had posted wave count and seems we r following that path. i am also not elliott expert, i a have just tried it.http://www.vfmdirect.com/forums/show.cgi?topicid=1250537351Pankaj Shah
I feel it is a clear 5 wave up movement starting from Oct lows, Nove highs as 1, March lows as 2, June highs as 3 and July/August lows as 4 and 16,600 target for 5. Ajay
Rajendran, i agree with your wave labeling. i think we are in wave B, which itself has a 3 wave structure. wave 1 from march lows to june highs, wave 2 from 4693 to 3919 and the current wave 3 which is currently underway. as we are in the motive wave we should see a 5 wave structure, which can take us as high as 5500.