13 February 2011

Nifty : Bearish Motive Wave?


2 comments:

gofi said...

As per EWT, Minimum target for Wave 3 = 1.618 times Wave 1.

In the current scenario,

Wave 1 = (6338 - 5690 = 648 )

Wave 3 = 6181 - (648 * 1.618) = 5133

Based on the above fact, i think we have not yet completed wave 3. We will first see sub-wave 4 and 5 of WAVE 3. This will be followed by triangle pattern formation (WAVE 4).

Please correct me if i am wrong.

Tarique Anwar said...

The only condition on wave 3, is that it should not be the shortest among 1,3&5. Ideally wave 3 is 1.6 times wave 1, but waves are never ideal.

Also in above case, Nifty has almost done your ideal target. Its just that it hit a big support and hence could not fall further.

Today's rally I am sure would also incline you towards my count!

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