Elliott Wave Analysis of Nifty for Dec 2014

we can expect this whole impulsive move from 7724-8626 as inner wave (a) of (5) followed by downwards wave (b) is in progress and followed by wave (c) upwards is pending.

Now within wave (5) of ED started from 7724: -

·         Wave (a) completed from 7724-8626

·         Wave (b) downwards started from 8626 which is in progress and already declined 300 points from high. Exactly we cannot say how much wave (b) will correct but we can say its maximum limit downwards. Generally, any part of an Ending Diagonal Triangle shouldn’t break below its lower line (line joining wave 2 and 4). So we can expect maximum possible lower levels for wave (b) till lower line of ED (lower red line). Normally we can expect wave (b) as 61% of (a) but not compulsory, it may be less or more.

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