9401.50 is Maximum Target of on Going Wave-5 of Nifty
Technical Analysis,Research & Weekly Outlook
(Feb 16 to Feb 20,2015)
Nifty-EOD Chart (13-Feb-2015):- |
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1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)
2- Wave-i of Wave-3(6415.25 on 09-12-2013)
3- Wave-ii of Wave-3(5933.30 on 04-02-2014)
4- Wave-iii of Wave-3(8626.95 on 04-12-2014)
5- Wave-iv of Wave-3(7961.35 on 17-12-2014)
6- Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015
Waves Structure of Wave-v of Wave-3
Nifty-EOD Chart (13-Feb-2015):-
 |
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1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)
2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015
3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015
4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015
4- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015
5- Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015
Conclusions from EOD chart analysis
Long and Intermediate Term Trends are up and Short Term Trend is sideways between 8470-8996 with following supports and resistances:-
1- Supports between 8595-8615
2- Supports between 8554-8574
3- Supports between 8475-8505
4- Resistances between 8820-8852
5- Resistances between 8918-8936
Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015. Nifty tested above mentioned 1st resistance on 13-02-2015 but could not sustain and closed just below it. As resistances are lying up to 8936 therefore follow up consolidation is firstly required for sustaning above it and once sustaining above 8936 will mean strong possibility of fresh rally in uncharted territory after new life time high formations. Calculation of targets above 8996 are as follows:-
As per Elliot Wave theory:-
"Wave-3 of any degree should not be shorter than both Wave-1 and Wave-5 of same degree"
Wave-5 started from 8470.50 and it can not gain more than 931 points because Wave-3 gained 931 Points therefore target of on going Wave-5 will be less than 9401.50 and its calculations are as follows:-
1- Wave-3 of Wave-v of Wave-3 gained 931 points(8996-8065)
2- Wave-4 of Wave-v of Wave-3 completed at 8470.50
3- Wave-5 of Wave-v of Wave-3 started from 8470.50
4- As Elliot Wave theory says that Wave-5 can not gain more than more than Wave-3 therefore Wave-5 of Wave-v of Wave-3 can gain maximum 931 points and its:-
Maximum target of Nifty will be:less than 9401.50(8470.50+931)
Retracement Levels in uncharted zone:-
[1.130] 9117
[1.236] 9215
[1.270] 9247
[1.382] 9351(Crucial levels)
[1.500] 9461(Crucial levels)
Maximum target of on going Wave of Nifty is at 9401.50 which lies exactly between 1.382% and 1.5% which are crucial retracement levels therefore high possibility of on going Wave-5 of Wave-v of Wave-3 completion between 9351-9461
Short Term Trend is sideways between 8470-8996 and finally sustaining beyond this range next trend. Although supports st lower levels within this range but resistances are also lying at higher levels therefore follow up consolidation is firstly required for crossing and sustaining above mentioned resistances.
Expected that finally rally will remain continued in the uncharted zone towards 9401.50