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Rally Continuation

Technical Analysis,Research & Weekly Outlook
(May 20 to May 24,2013)
Nifty-EOD Chart (17-May-2013):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 6357.10 on 08-01-2008(All time high formation)
2- Huge correction of 2008
3- 2252.75 on 27-10-2008(Wave-1 begining after 2008 correction completion)
4- Wave-1(3240.55 on 05-11-2008)
5- Wave-2(2502.90 on 20-11-2008)
6- Wave-3(6338.50 on 05-11-2010)
7- Wave-4(4531.15 on 20-12-2011) 
8- Wave-5(Recent top formation at 6,199.95 on 17-05-2013) 

Conclusions from EOD chart analysis 

Wave-5 continuation with  too much high targets above all time high(6357.10) and now its next immediate target is being understood through its internal structure and analysis.

Nifty-EOD Chart (17-May-2013):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 4531.15 on 20-12-2011(Wave-i of Wave-5 beginning)
2- Wave i(5629.95 on 22-02-2012)
3- Wave ii(4770.35 on 04-06-2012)
4- Wave iii(6111.80 on 29-01-2013)
5- Wave iii gained 1341.45 points. 
6- Wave iv(5477.20 on 10-04-2013) 
7- Wave v of Wave 5 continuation.

Conclusions from EOD chart analysis 

As per Elliot Wave theory Wave-3 of any degree should never be shorter than both Wave-1 and Sub Wave-5 of that degree. Wave-iii gained 1341.45 points and now Wave-v is on after Wave-iv completion at 5477.20. As Wave-v can not gain more than Wave-iii therefore its maximum target will be less than 6818.65 and its calculation is as follows:- 

 5477.20(Wave-v begun)+1341.45(Wave-v can gain maximum points)=6818.65

Conclusions (After Putting All Studies Together)

Wave v of Wave 5 is very much on after minor intraday and very short term correction completion. Although Indicators are showing negative divergence in overbought zone but forceful strong rally continuation and it require complete distribution patterns formations for any Short or Intermediate Term correction. It is also confirm that during distribution patterns formations new high of on going rally with lesser force will also be seen and until complete distribution patterns will not form till then any big correction will not be seen.  

As no selling patterns formations yet therefore rally continuation in the coming week.
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