My first post: Seek not only guidance from the Almighty but also blessings from my Guru WW and my Friend,Philosopher& Guide RCG. Special thanks to Naagi for providing me this platform.
Nifty Counts: Where to start from?
I am starting from the November 4,2010 high of 6339 and terming it simply THE CORRECTIVE.
Would try to fit this CORRECTIVE into larger picture as we proceed. Also I would not be following the Purist form of labelling as I have learnt EW on street - like Eklavya- so please forgive me.
A=6339-5177=1162
B=5177-5944=767(66% retraced)
C=5944- downwards in progress- as a 5 wave form with most probable target of 4782(C=A)
W1=5944-5329=615
W2=5329-5740=411(67%) as an Extended Flat
W3=5740- down wards in 5 waves with target 1.382*W1=4890(min) or 1.618*W1=4749
The down move from 5740-4946 has been full of Gap-downs making it difficult to pen down the fractals.So the upmove from 4946-5197 can be seen either as W4 or sw4 of W3. I prefer to see it as sw4 of W3 as percentagewise the minimum target of this W3 has yet to be met.
So I am seeing this W3 as:
sw1=5740-5497=243
sw2=5497-5702=205(84%)
sw3=5702-4946=756(311%of sw1)
sw4=4946-5197=251(33%)
a=4946-5167=221
b=5167-5011=156
c=5011-5197=186
sw5=in progress Target 5197-243=4954,though I expect it to go below 4900 to meet the W3 tgt
(i)=5197-5124=73
(ii)=5124-5194.4=70 as an extended flat
5124-5174
5174-5121
5121-5194.4(as a diagonal-5121-5170;5170-5127;5127-5185;5185-5132;5132-5194.4)
(iii)=5194.4-5053.3=141
(iv)=5053.3-5092*
here one set of zz is already done
5053-5083
5083-5063
5063-5092
(v) remaining and is likely to bring the Nifty to 5020 level
Then one set of 5 subwaves would be technically over and a retracement to this 5183.3-5020* will take Nifty up again.
That's how I perceive the price action for now.
God bless !!!
