May 26, 2014

Elliot wave outlook of market

According to neowave analysts, the wave from SEP 2013 lows is nearing its end. This wave is called the F wave and after its completion the G wave is expected to open downwards and is likely to last a year or so.

The chart pattern from election day results is being considered as a triangle in which a (up) and b (down) are over and c (up) is under progress. Some more sideways movement is possible ( d down and e up) during which nothing much may happen in nifty but stocks may show strong moves.

Sustaining above recent all time high 7563 will negate this triangle view while still meaning that F wave is not over.

Stoploss for nifty is 7100... break of this will mean F has ended and G has started.

My SL for nifty long is 7000.

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