Nifty-Monthly Chart(13-Jan-2011):-
Technical Patterns and Formations in Monthly charts
1- Upward Trend in long chart is intact
2- Wave C is on termination confirmation is required yet
Waves Structure of 15 years as follows:-
775.45 on 31-12-1996
Wave 1- 1818.15 on 29-02-2000
Wave 2- 849.95 on 28-09-2001
Wave 3- 3774.15 on 31-05-2006
Wave 4- 2595.65 on 30-06-2006
Wave 5- 6357.10 on 31-01-2008
Wave A- 2252.75 on 31-10-2008
Wave B- 6338.50 on 30-11-2010
Wave C- 4531.15 on 30-12-2011(termination confirmation is required yet)
Conclusions from Monthly chart analysis
Indian markets are Bullish in Long Charts and correcting since Jan 2008 after 11 years rally. Corrective Wave 'C' is on and short term up moves begun within it from Dec 2011 but Wave 'C' termination confirmation is required yet.
As market is well above rising trendline therefore up trend in Indian markets is vert much intact and expected that strong rally will be seen after the completion of Wave 'C'.
Fibonacci Retracement Levels of Wave 'B' are as follows(6338-2252):-
13.0%- 5806
23.6%- 5373
27.0%- 5234
38.2%- 4777
50.0%- 4295
61.8%- 3812
70.7%- 3449
76.4%- 3216
78.6%- 3126
88.6%- 2717
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1- Upward Trend in long chart is intact
2- Wave C is on termination confirmation is required yet
Waves Structure of 15 years as follows:-
775.45 on 31-12-1996
Wave 1- 1818.15 on 29-02-2000
Wave 2- 849.95 on 28-09-2001
Wave 3- 3774.15 on 31-05-2006
Wave 4- 2595.65 on 30-06-2006
Wave 5- 6357.10 on 31-01-2008
Wave A- 2252.75 on 31-10-2008
Wave B- 6338.50 on 30-11-2010
Wave C- 4531.15 on 30-12-2011(termination confirmation is required yet)
Conclusions from Monthly chart analysis
Indian markets are Bullish in Long Charts and correcting since Jan 2008 after 11 years rally. Corrective Wave 'C' is on and short term up moves begun within it from Dec 2011 but Wave 'C' termination confirmation is required yet.
As market is well above rising trendline therefore up trend in Indian markets is vert much intact and expected that strong rally will be seen after the completion of Wave 'C'.
Fibonacci Retracement Levels of Wave 'B' are as follows(6338-2252):-
13.0%- 5806
23.6%- 5373
27.0%- 5234
38.2%- 4777
50.0%- 4295
61.8%- 3812
70.7%- 3449
76.4%- 3216
78.6%- 3126
88.6%- 2717