Tuesday, August 21, 2012

Nifty long to medium term wave structure

Nifty Long Term Wave counts -

Nifty Weekly chart:

Wave Analysis:

Long to Medium Term analysis:

We are showing Nifty weekly chart that shows the long term wave counts of Indian equity markets. Since the start of 2008 prices have been moving in complex corrective pattern. The entire wave down from the top of 6357 to 2253 has formed the first leg [W] of this complex pattern. The move up since then from 2253 to the high of 6339 is wave [X]. We were expecting this entire rally as impulsive before but looking at the time taken for this up leg to retrace the complete of down move of 2008 makes this leg as wave [X] more probable. Prices are currently in primary wave [Y] of complex correction and has so far completed only intermediate wave (a) on downside. The up leg (b) (shown in detail on daily chart) is forming a flat corrective pattern on upside. In this intermediate wave (b) prices have so far completed minor degree wave a and b and is now in wave c. Minor wave c should be forming an Ending diagonal pattern which we discussed in previous updates. Once this wave c of (b) is complete on upside near 5600 – 5650 levels the next leg down shall start. A very important top should be in place latest by September end this year. This can also be an important top which will not be exceeded by mid 2013.

In short, prices are in very matured state of up move since the bottom of 2008 and a turn is imminent very soon!


  1. What Levels do you expext on the downside for wave (c) of [Y] ?

  2. It will become clearer where this current up wave B ends. Wave c of Y can be anything between 61.8% of A to 1.618% of (a). So targets can be anything between 4200 to 3200 levels. It will become clear once this up move is complete....

  3. Thanks for the free updates. They are indeed helpful and pretty much accurate

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