Minimum target of Nifty at 8616.90
Technical Analysis,Research & Weekly Outlook(May 12 to May 16,2014)
Nifty-Weekly Chart (09-May-2014):-
Nifty-Weekly Chart (09-May-2014):-
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1- 6357.10 on 08-01-2008(All time high formation and correction beginning)
2- 2252.75 on 27-10-2008(Wave-1 begining after 2008 correction completion)
3- 6338.50 on 05-11-2010(Wave-5 completion and Corrective begining)
4- 4531.15 on 20-12-2011(Wave-3 beginning after 13 Months Wave-2 correction completion)
5- 6111.80 on 29-01-2013(Wave-5 completion and Corrective begining)
6- 5118.85 on 28-08-2013(Wave-1 beginning after ABC correction completion)
7- New highest formation at 6871.35 on 09-05-2014
8- Impulsive Wave-I beginning(2252.75 on 27-10-2008)
9- Impulsive Wave-I completion and corrective Wave-II beginning(6338.50 on 05-11-2010)
10- Corrective Wave-II completion and impulsive Wave-III beginning(4531.15 on 20-12-2011)
11- Impulsive Wave-III is on
Nifty-EOD Chart (09-May-2014):-
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1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-i of Wave-3(6415.25 on 09-12-2013)
5- Wave-ii of Wave-3(5933.30 on 04-02-2014)
6- Wave-iii of Wave-3 continuation with new highest formation at 6871.35 on 09-05-2014
Nifty-EOD Chart (09-May-2014):-
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1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- 25 sessions sideways market between 6639-6871
4- New all time high formation at 6871.35 on 09-05-2014.
Conclusions (After Putting All Indicators Together)
All trends are up and new highest formation at 6871.35 on 09-05-2014 but when Nifty was trading at much lower levels then Following line was told on 21-10-2013 in Minimum target of Nifty at 6724.60
Nifty is well set for rally towards minimum target at 6724.60.
Now next minimum target of Nifty is at 8524.60 and its calculations are as follows:-
As per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Impulsive Wave-III is on and it should gain more points than Wave-I gained.
Wave-I gained 6338.50-2252.75=4085.75
Wave-III started from 4531.15 and and as per Elliot Wave theory it should gain minimum 4085.75 because it can not be shorter than Wave-I therefore its minimum target is at:-
4531.15(Wave-III started)+4085.75 Wave-1 gained=8616.90
As per Elliot Wave theory Nifty is well set for rally towards minimum target at 8616.90.
Bullish market Wave-iii of Wave-3 continuation towards those higher levels which can not be easily imagined at this moment because following minimum waves are still left:-
1- Wave-iii of Wave-3 continuation and no signal of its termination yet.
2- Corrective Wave-iv of Wave-3 will start after on going Wave completion and this corrective will correct whole that up move which started from 5933.30.
3- Impulsive Wave-v of Wave-3 will start after previous corrective wave completion and this Wave will form new high above the top of Wave-iii of Wave-3. It should also be kept in mind that Wave-iii of Wave-3 top formations confirmation has not been seen yet.
4- Wave-v of Wave-3 completion will mean termination of Wave-3 and corrective Wave-4 beginning.
5- Corrective Wave-4 will correct whole up moves which started from 5700.95.
6- Impulsive Wave-5 will start towards new top formation above the top of Wave-3.
Although Indian markets formed new all time high formation with closing at all time high on 09-05-2014 but still Nifty will understood sideways between 6639-6871 for the last 25 sessions and same forceful rally or huge gap up opening is required for valid break out 25 sessions range. It is very much clear that such strong rally will be seen immediately after the confirmation of Modi becoming P.M. of India and also
expected that Modi will become Prime Minister of India and 25 sessions range will be broken out with more than 10% to 20% rally in next week.
As soon as Nifty started to consolidate from 02-05-2014 then we started to tell for that not sustaining below 6651 and that Rally which was seen on 09-05-2014. Just click following topic link and verify on your own:-