8669.45 will decide Waves structure of Nifty
Technical Analysis and Market Outlook
(11-03-2015)
Nifty-EOD Chart (10-Mar-2015):- |
| Just click on chart for its enlarged view |
1- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015
2- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015
3- Sub Wave-1 of Wave-5 of Wave-v of Wave-3 completion at 8913.45 on 19-02-2015
4- Sub Wave-2 of Wave-5 of Wave-v of Wave-3 completion at 8669.45 on 26-02-2015
5- Sub Wave-3 of Wave-5 of Wave-v of Wave-3 completion at 9119.20 on 04-03-2015
6- Sub Wave-4 of Wave-5 of Wave-v of Wave-3 continuation with recent bottom formation at 8677.35 on 10-03-2015
Conclusions from EOD chart analysis
Correction of Sub Wave-4 continuation and impulsive Sub Wave-5 is still left for up moves above the top of Sub Wave-3(9119.20) because corrective Sub Wave-4(today lowest at 8677.35) has not slipped below the lowest of Sub Wave-2(8669.45). Nifty should not slip below 8669.45 in on going Sub Wave-4 continuation because as per Eliot Wave Theory:-
Wave-4 should not retrace the entire movement of Wave-3 of the same degree ie must not slip the bottom of Wave-2
Lowest of Sub Wave-2(8669.45) should be firstly watched and once slipping below it will recounting of whole waves structure from that up move which started from 7961.35 on 17-12-2014
Although new life time high formations after good Budget and RBI rates cut but correction also beginning after crashing like US markets and confusion on Land Acquisiton Bill. As Dow jones is trading more than 250 points down at this moment and and most European markets also closed more than 1% down today therefore if such weakness remain in Asian markets tomorrow then negative zone trading may also be seen Indian markets tomorrow.
Firstly slipping below the lowest of Sub Wave-2(8669.45) should be watched tomorrow and if it happens then waves structure of Nifty will be at stake as well as waves will be firstly recounted. Let it happen then whole waves structure will be reviewed and will be updated accordingly.