Rally continuation towards Minimum Target of Nifty at 8616.90
Technical Analysis,Research & Weekly Outlook
(Jun 09 to Jun 13,2014)
Nifty-EOD Chart (06-Jun-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(7563.50 on 16-05-2014)
7- Wave-iv of Wave-3(7118.45 on 30-05-2014)
8- Wave-v of Wave-3 continuation with new highest formation at 7592.70 on 06-06-2014
Waves structure of Wave-iii of Wave-3
Nifty-EOD Chart (06-Jun-2014):-
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1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- Wave-1(6562.20 on 10-03-2014)
3- Wave-2(6432.70 on 14-03-2014)
4- Wave-3(6869.85 on 25-04-2014)
5- Wave-4(6638.55 on 08-05-2014)
6- Wave-5(7563.50 on 16-05-2014)
7- 19 Sessions sideways correction between 7082-7563
8- 19 Sessions Range broken out on 06-06-2014
Conclusions from EOD charts analysis
All trends are up and new highest formation at 7592.70 on 06-06-2014 after 19 sessions range broken out on 06-06-2014. Bullish market Wave-v of Wave-3 continuation and Indian markets are moving towards towards those higher levels which can not be easily imagined at this moment because following minimum waves are still left:-
1- Impulsive Wave-v of Wave-3 has started after previous corrective wave(Wave-iv of Wave-3) completion
2- Wave-v of Wave-3 completion will mean termination of Wave-3 and corrective Wave-4 beginning.
3- Corrective Wave-4 will correct whole up moves of Wave-3 which started from 5700.95.
4- Impulsive Wave-5 will start towards new top formation above the top of Wave-3.
As per Elliot Wave theory Nifty is well set for rally towards minimum target at 8616.90. Just click following topic link and understand its calculations:-
Impulsive Wave-v of Wave-3 continuation and as per Elliot Wave theory " Wave-v of Wave-3 should be shorter than Wave-iii of Wave-3. Impulsive Wave-v of Wave-3 is on and it should gain lesser points than Wave-iii of Wave-3 gained. Maximum target of Wave-v of Wave-3 is as follows:-
1- Wave-iii of Wave-3 started from 5933.30
2- Wave-iii of Wave-3 terminated at 7563.50
3- Wave-iii of Wave-3 gained 1630.20 points
4- Wave-v of Wave-3 started from 7118.45
5- Wave-v of Wave-3 should gain less than 1630.20 points
6- Therefore Wave-v of Wave-3 should should terminate below 8748.65(7118.45+1630.20)
As per Elliot Wave theory Nifty is at 8616.90 and maximum target of Wave-v of Wave-3 is at 8748.65.
19 Sessions Range(7082-7563) broken out on 06-06-2014 and technical confirmation of its valid break out will mean confirmation of Wave-v of Wave-3 continuation which should terminate below 8748.65. Nifty traded between 481 points in 19 previous sessions and following Fibonacci levels will also be its next technical targets after break out confirmation above 7563:-
1- 1.618% -7860
2- 2.000% -8044
3- 2.618% -8341
Following lines were told at 08:47 AM on 12-05-2014 in Minimum target of Nifty at 8616.90
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.
More than 10% rally has been seen since 12-05-2014 and Bull market is very much intact as well as much more up moves will be seen in the coming weeks and months. It should be kept in mind that complete selling patterns are required on daily and weekly charts for any deeper correction and only 19 Sessions range(7082-7563) break out confirmation is firstly required in next week for fresh phase of those next technical targets which have been updated above.