ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥


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Minimum target of Nifty at 6724.60
Technical Analysis,Research & Weekly Outlook
(Oct 21 to Oct 25,2013)
Nifty-EOD Chart (18-Oct-2013):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 continuation and recent top formation at 6201.45 on 18-10-2013.

Conclusions from EOD chart analysis 

Impulsive Wave-3 continuation and as per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5" therefore Wave 3 will move up more than Wave-1.

Wave-1 gained 6142.50-5118.85=1023.65

Wave-3 started from 5700.95 and and as per Elliot Wave theory it should gain minimum 1023.65 because it can not be shorter than Wave-1 therefore its minimum target is at:-

5700.95(Wave-3 started)+1023.65 Wave-1 gained=6724.60

As sentiment is heated and Short term indicators are overbought therefore some intraday/very short term corrections may be seen any day but as per Elliot Wave theory Nifty is well set for rally towards minimum target at 6724.60. 
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