Nifty-EOD Chart(10-06-2011):-
Main Features
1st impulsive wave begun on 27-10-2008 from 2252
2nd corrective wave begun on 12-06-2009 from 4693
3rd impulsive wave begun on 13-07-2009 from 3919
4th corrective wave begun on 05-11-2010 from 6338(2419 Points rally of Wave-3)
5th impulsive wave begun on 11-02-2011 from 5178(1160 Points correction of Wave-4)
Conclusions
Wave-4 'ABC' Correction completed but Nifty is trading below Wave-5 Trend Line and sustaining below it for the last 22 sussions therefore Wave-5 failure possibility can not be ruled out. Wave-5 failure confirmation level is sustaining below 5178.
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1st impulsive wave begun on 27-10-2008 from 2252
2nd corrective wave begun on 12-06-2009 from 4693
3rd impulsive wave begun on 13-07-2009 from 3919
4th corrective wave begun on 05-11-2010 from 6338(2419 Points rally of Wave-3)
5th impulsive wave begun on 11-02-2011 from 5178(1160 Points correction of Wave-4)
Conclusions
Wave-4 'ABC' Correction completed but Nifty is trading below Wave-5 Trend Line and sustaining below it for the last 22 sussions therefore Wave-5 failure possibility can not be ruled out. Wave-5 failure confirmation level is sustaining below 5178.