Maximum target of on going correction at 7642.30
Technical Analysis and Market Outlook
(12-06-2015)
Nifty-EOD Chart (11-Jun-2015):- |
| Just click on chart for its enlarged view |
1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Wave-1(8445.60 on 05-01-2015)
3- Wave-2(8065.45 on 07-01-2015)
4- Wave-3(8996.60 on 30-01-2015)
5- Wave-4(8470.50 on 10-02-2015)
6- Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and correction beginning
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5 correction continuation with recent bottom formation at 7958.25 on 11-06-2015
Conclusions from EOD chart analysis
Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and firstly 'ABC'correction was considered but once slipping below Wave-C bottom(7997.15) mean 5 waves correction and now Wave-5 correction continuation.
As per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now corrective Wave-5 is on and it should not loose more points than Wave-3 lost.
Wave-3 lost=847.25 points(8844.40-7997.15)
It means on going corrective Wave-5 will loose less than 847.25 points which started from(8489.55). Therefore maximum target of on going Wave-5 will be:-
8489.55-847.25=7642.30
It means that on going Wave-5 will complete above 7642.30