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2011
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February
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- Seasonal Effect : March
- Breadth Indicator : Week Ending 25 Feb 2011
- Max Pain : February Series
- Nifty : Bearish Motive Wave?
- Nifty Vs S&P 500
- Breadth Indicator : Week Ending 11 Feb 2011
- Nifty : TRIN view
- Nifty : Consolidation Coming?
- Nifty : Weekly Chart Check
- Breadth Indicator : Week Ending 04 Feb 2011
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February
(10)
2 comments:
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.
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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