Nifty Elliotte Wave Update

The movement of nifty is puzzling every body and also its stuck in a range, giving headaches to the traders and investors. we are seeing one day gap up another day gap down, this coupled with very reduced volumes is just increasing the headaches. In these times of uncertainity and absence of clear picture we has to see what elliotte is telling or indicating.

Elliotte wave update has been given in the chart above and it appears that we are in the third of the third wave and in the third of third we are forming a fourth wave after which the market has all chances of opening down wards towards 5000. it appears from the above and as per the elliotte that we are forming a triangle for the last one month or so the reduced volumes are also indicating that we might be forming a triangle and also every body is loosing interest in the market as it is moving in a close tight range this is the peculiar feature of the triangle( where volumes reduce considerably). it appears that we might have compleated wave four of the triangle and we are moving up towards completion of wave five of the triangle and after which the gates downward should open up taking market towards 5000 and probably sub-5000 levels so wait and watch. you might be wondering why it should move down and not up. Generally in a triangle the break out would be in the direction of the wave- two of the triangle and the wave two is down wards giving an indication the break down would towards 5000 down wards. so keep a close watch on completion of fifty wave. please note the volumes today were also lower that all previous days. So have patience we would get a very very good shorting opportunity.

M.Sri Mahidar
Trend is frind.