NIfty is up again!!!!

NIfty was 72 points up yesterday and today as well opened positive and touched 6040.
What next???
Below is the elliott wave count of hourly nifty.


This post is continuation of  the previous 2 post.

NIfty look positive

Nifty support at 5940!!!

Now the last and final Sub wave 5 is on it way.
Resistance at 6040 as wave 3 high if 6040.
next tgt is 6100-112!!!
Support again will be 5940. (There can be possibility that this sub wave 5 can be extended wave as well.)

Regards
Rinkesh Jain

This is for educational purpose consult  your adviser before investing.

Crucial Support at 5940 for NIFTY..

Nifty was in sideways movement this week.
With closing at 5950 on  friday shows a support on weekly as well as daily basis.
If nifty closes below 5950 then it is indicated that the top of sub wave 5 was 6042.
As it was posted in previous post.

http://rmarketlearner.blogspot.in/2013/01/nifty-elliott-wave.html

Hourly chart still show some support as MACD and RSI are in oversold area.
If nifty sustain the level of 5950 then one can see more upside.
Resistance at descending trendline.

Regards
Rinkesh Jain

Nifty elliott wave!!!!

Nifty closed at 5971 after making a low of 5958.
Below is chart link of my earlier post of nifty and as Sub - wave 1 of Wave 5 start from 18 dec.

Nifty elliott wave count!!

Now what next???

Nifty can touch the level of 5940-50 and then again upside can be seen in next two day from form here.
 Possible target 6040-6070-6100 !!

Nifty elliott wave count!!

Nifty which was expected to go down has gone up and heading towards Nov-2010 high.
The chart above is giving us clear view of upside potential at current level.
The Elliott wave count is giving us indication that wave  5 have started and the level to which it can go can be calculated at well.
Wave 1 was around 580 points.
Now if we assume that wave 5 will be equal to wave 1 then next tgt will be 6400.
What if nifty reversed from between and what can be that levels??

Fibonacci	Points	Levels
23.60%	137	5959
38.20%	222	6044
50.00%	290	6112
61.80%	358	6180
78.60%	456	6278
100%	580	6402

Keep an eye on this levels and any "one day reversal key" can be seen at this levels.


This is my personal views, consult your advisor before investing!!!