Nifty-EOD Chart(16-Dec-2011):-
Technical Patterns and Formations in EOD charts
1- 25 Months lowest closing on 16-12-2011
2- Top of Wave 1-4693
3- 13 Months corrective Wave 4-closing at 4629 on 16-12-2011
Conclusions
25 Months lowest closing on 16-12-2011 and Nifty slipped and closed below the top of Wave 1.
As per Elliot Wave Theory:-
"The bottom of wave 4 should not dip below the top of wave 1 of the same degree,at least on a closing price level"
25 Months structure and Wave 4 failure on 16-12-2011. Almost confirmations but closing above 4640 therefore little more confirmations are required. As huge structure and long term waves formations are at stake therefore either forceful breaking down of 4640 or sustaining below 4640 should also be watched for confirmations in the coming couple of sessions.
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1- 25 Months lowest closing on 16-12-2011
2- Top of Wave 1-4693
3- 13 Months corrective Wave 4-closing at 4629 on 16-12-2011
Conclusions
25 Months lowest closing on 16-12-2011 and Nifty slipped and closed below the top of Wave 1.
As per Elliot Wave Theory:-
"The bottom of wave 4 should not dip below the top of wave 1 of the same degree,at least on a closing price level"
25 Months structure and Wave 4 failure on 16-12-2011. Almost confirmations but closing above 4640 therefore little more confirmations are required. As huge structure and long term waves formations are at stake therefore either forceful breaking down of 4640 or sustaining below 4640 should also be watched for confirmations in the coming couple of sessions.