AUTOMATED TRADING

AUTOMATED TRADING

13 January 2014

NIFTY ELLIOTT WAVE ROAD MAP



FINAL RALLY IS IN MATURE STAGE.

Nifty took support 6130 level and gave a sharp bounce back from there. It forced me to change little in wave count on nifty daily chart. Earlier we wrote that nifty may fall upto 6056 or 5970 level and showed a picture upside rally towards 6430 level in my previous chart., but internal c wave truncate around 6130 and bounced back. 76.4% retracement level is working well in nifty. Look at the chart below. Each up leg is 76.4% of its previous up Leg. If nifty is going to follow it again in its final leg than possible target is coming around 6468 level. Previous up leg was 443 points rally. Its 76.4% rally will be 338 points. 6129 + 338 points + 6467.
 
We have draw a triangle type of pattern also. Upper falling trend line pattern may provide little hurdle for bulls. But any break below 6130 will force nifty towards heavy fall. 


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