Nifty-Monthly Chart(02-Dec-2011):-
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1- 13 Months correction of Wave-4
2- Completion of 5 corrective Sub-Waves.
3- Up moves begun in Nov 2011.
4- Strong indications of Wave-5 beginning
Conclusions
Financial markets have a high probability tendency of reversing on a Fibonacci number. As 13 is a Fibonacci number and Wave-4 has completed 13 months correction in Nov 2011 therefore long term correction completion and 13 months old trend reversal possibility is high.
As Pull Back rally begun in Nov 2011,other indicators are also suggesting exhaustion of down moves and Intermedaite term trend has also turned up yesterday as well as 5 Sub-Waves have also completed therefore lower levels formed in Nov 2011 may also prove the lowest of on going corrective Wave-4 rally.
Indian markets are Bullish on long charts and impulsive Wave-5 commencement confirmation is required and if Nov 2011 begun rally finally gives such confirmations then that will mean;-
1- Fast rally toward all time high
2- New all time highs in 2012
3- Those higher levels which were considered in Jan 2008 and Jan 2011.
Although tough to accept above mentioned possibilities at this moment amid most bearish and uncertain global sentiments but we are seeing high possibility of new historical highs in 2012 because Indian markets are reversing after completion of long term correction also.