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...


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.