| NIFTY EW ( March 25, 2015) |
As projected on 25 March 2015 that Nifty may fall till 8340 after forming B wave near 8900 levels and the B waves high was 8890 on April 15 , 2015. Post that it completed C wave at 8000 levels and currently forming double zig zag corrective waves.
Now we will analysis the next possible move for the Nifty and why we are super bullish on the Indian Market in the coming months?
| NIFTY EW ( Daily chart) |
As discussed in our previous report i.e on March 2015, that Nifty forming an ABC corrective and currently its close to complete its double zig zag wave. We assume Nifty might complete its B of W near 8200-8250 levels and post that correction is possible till 7636-7680 levels ( which is A=C minimum and 38.2% of the primary 1-5 wave).
| NIFTY ( Cycle Analysis) |
For further clarity we added different cycle of different durations. As witnessed when the major cycles bottomed at the same time or merged is positive for the market.
Currently, major cycles are closer to form their bottom which is again conforming our 4th wave bottom.
| NIFTY EW (Monthly chart) |
For the longer picture we calculated EW counts on a monthly chart. Currently, Nifty is in C of 4 of longer 3 impulsive wave. We assume 3rd actionary wave might complete near 9620 levels which is 123.6 % of the 1st cylical wave and also I of 3rd equal to V of 3rd.
Post that 4th wave might fall till 7500-7600 odd levels as per the principle of alternation (2nd wave have retraced 38.2 of the previous wave , so 4th might me complex and longer). For the 5th cyclical wave we are getting TARGET of 10800-11128 levels which is 1st wave equal to 5th wave (as per the principle of equality) and also 0.618 of the previous 3rd wave.
We were shouting blatantly since Nifty was 5200, that the current bull market would be mother of all bull market. Those who missed the previous move may get enter at the mentioned levels. All the best !!!
Above analysis is purely for an educational purpose.
| Report Prepared by
Nishant Bali, CMT Financial Trainer and Consultant Erudite Financial Institute |