NIFTY ELLIOTT WAVE TECHNICAL ANALYSIS
Continuing from the monthly forecasts in the website, an elliott wave analyst can observe the same as we do, the nifty peaked at an all time high of 9119.2 on mar 2015, the downfall is around a year and when will it end...?
obviously an traditional trader doesn't have answer for this question but the perspective that elliott offfers is significant & different and we can observe that wave 3 had peaked at the areas of 9119 and from thereon wave 4 decline has began and within the three wave general structure we can identify a complex triple three w,x,y & z in it and the final wave among them is being unfolded and it had an expansion within itself to be another triple three and within one lesser degree expansion we can find even other degree of expansion in (y) wave and it have been finished recently and the interim rally that we are facing now is for the (x) wave seperating (y) & (z) and the projections for the (x) wave is very subtle yet it has many layers of resistances...,
To find out the exact turning point of (x) wave read our analysis below this degree (IN DAILY CHARTS for free from here), click here to read it now..
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The ultimate downfall target is 61.8% of previous wave 3 rally and this explains why there are this many stages of expansions within the currently unfolding 4th wave.( The target & volatility determines the rate of Expansion ).
DINESH - SENIOR TECHNICAL ANALYST
LEADBRAINS FSL - www.mytradingcourses.com - Trading education & Training firm
