Tuesday, October 21, 2014

Elliott Wave Analysis by Deepak Kumar, Nifty can show 8380 before 7723



Total move from start 7118 to end of wave 3 (8180) is 1062 points. Wave (3) is just 110% of wave 1, thus we can expect wave (5) as extended that can go at least 61% of total move from 0 to 3. If we add 61% of 1062 at 7724 then we get the level of 8380. Thus, we can expect minimum target of 8380 for last wave 5 as (ABC) as it is 5th wave of Ending Diagonal. But last wave (5) of 5 has to go at least above wave (3) (8180) to avoid 5th failure.

Full Analysis Report of Nifty Here...

1 comments:

Mahesh Narayanan said...

Hi Deepak, You mentioned that "total move from start 7118 to end of wave 3 (8180) is 1062 points". I think the ending diagonal started at 7208 not at 7118.Pls check the chart. The 3rd wave of the ending diagonal ended exactly at 127% of wave 1. Also since we are in the 5th wave of the ending diagonal we can rely by the rule "5th wave of a ending diagonal is always greater than the 3rd" and hence 8474 is minimum target.
Regards
Mahesh