Nifty Elliott Wave Analysis for 22-11-2012

Nifty seems to have completed the 4th wave and started with the 5th wave up. This is with the assumption that the 5th of the wave c down was a truncated one and has exceeded the previous wave 3 of the c by only 1 point. If that is a turned out to be false and it was a flat correction then we will get resisted at around 5635 range which is the channel line drawn in blue color in the hourly chart and the next leg down should unfold in impulse fashion to complete the 5th of c. The chances of this are less as RSI is already in oversold region and gave +ve divergence in hourly chart. Also in daily chart RSI has reached over sold region and reversed. This makes us believe that this could be a possible reversal and in that case it is the beginning of the 5th up.

Let us watch the retracement of the pause from 5635-5650 range. It should get support near 5590-5610 range.

Nifty Heikin Ashi cnadle charts for 17-10-2012

Daily chart:

Hourly chart:

Nifty Elliott Wave analysis for 17-10-2012

Nifty Seems to have lost steam and turned down swiftly in the afternoon. Currently we can see multiple probabilities at work.
1. Nifty has not reached the equality target of the wave b (a=c) but turned down instead. This could be that the wave b up was turning out to be a flat correction and yesterday's move at or beyond 5637 was the wave b of b. Which means another wave up is required to complete this wave b. We can observe this up move - if this turns out to be an impulse which targets 5635.65+ (84x0.618 = 51.912) = 5687.562 or a=c which will take it to near 5719.25.
2. Current down move is the wave c and has completed wave 1, 3 and now a retracement in wave 4 to be in play. This may go up to 5683.00
3. Retracement of the basic fall from 5815 up to 5747 @ 61.8%

Interesting thing to note is yesterday's fall looks like took support at the double bottom!
Nifty Daily chart:

Nifty Hourly chart:

Nifty 5 min chart:

Nifty hourly chart with 9,14 RSI & 35 D:

Nifty hourly chart with ATR:

Gold in $ - Elliott Wave analysis for 16-10-2012

Gold in $ terms seems to be in a rare type - expanding triangle in the wave 4. So far it looks like it has completed wave a,b,c,d. Currently wave e is  in progress. This may terminate before meeting the trend line connecting wave a & c, which typically happens in an expanding triangle. However current move seems to have some more steam left in int and it may go up to $1700 or so.

Nifty Heikin Ashi candle charts for 16-10-2012

Daily chart:

Hourly chart:

Nifty Elliott Wave analysis for 16-10-2012

Nifty seems to have completed the wave b of wave b little late yesterday. Further up move is not as dramatic as expected. It is taking longer than expected time to complete. Ideally the complete correction move this bigger wave b should have got over yesterday but is extendig. Which means it is trying to get the RSI readings into the overbought area (or at least little higher) just to turn down swiftly. This indicates that wave c may not reach its fullest extent and may reverse at around 0.618 of wave a (5637 - 5720.6 = 83.6)  5653.10+ 51.66 = 5704.76 or at the maximum 5653.10 + 83.60 = 5736.7

We need to be very careful and watch the strength in the current up move and be ready with the plan to jump in at the sign of weakness.

Nifty Daily chart:

Nifty hourly chart:

Nifty 5 min chart:

Hourly chart with 9,14 RSI & 35 D:

Nifty hourly chart with ATR:

Nifty Elliott Wave analysis for 15-10-2012

Market seems to have done with the wave a of the this correction. Also spent conisderable amount of time completing the wave b as a flat (running flat?). The 5 wave decline seems to be completed on Friday's close and the upward move to complete wave c has begun. This may go up to 5751 which is the fibo target of 61.8% for a reasonable wave b. Further to which market may go down dramatically to complete ~178 points of (5751-178 = 5573) range. This may help the market to complete wave iv or wave d of the large up move to complete the wave C.
Nifty Daily Elliott Wave analysis:

Nifty Hourly Elliott Wave analysis:

Nifty 5 min Elliott Wave analysis:

Nifty hourly chart with 9,14 RSI, 35 D:

Nifty Elliott Wave analysis for 11-10-2012

Nifty high made at 5815 seems to be an ending diagonal which will be observed either in wave 5 or as part of wave c. In our case this can be considered as wave c. Currently nifty is in the correction mode and last three days movement looks like a leading diagonal which has the sub waves 5-3-5-3-5. This could be wave a of the a-b-c correction. Or this could be wave 1 of a bigger fall. As on yesterday evening it appears like it has completed the wave and next movement will be a retracement of this fall. This may typically go up near 5751 which is 61.8% range of this fall.

Nifty Daily Elliott wave labeling:

Nifty hourly Elliott wave labeling:

Nifty 5 min Elliott wave labeling:

Nifty hourly chart with 6, 14 RSI & 35 D:
RSI has reached oversold region but has not given a buy signal yet. Today market may open gap up. If this gap up is anything around 50-60 points then that may complete the wave a of this correction move. We have to wait for a pullback again to re-enter (if not already entered this up move). Given the time taken for the current move down which is approximately 5 days, this a-b-c correction may take nearly 2-3 days to complete. Further the down move may be violent.

USRINR Elliott wave analysis for 09-10-2012

Gold Elliott Wave analysis for 09-10-2012

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Nifty Heikin Ashi candle chart for 05-10-2012

Daily chart:
Strength - open and staying above: 5749.90
Weakness - open and moving below: 5749.90

Hourly chart:
Strength - open and staying above: 5788.10
Weakness - open and moving below: 5788.10

Nifty Elliott wave analysis for 05-10-2012

Nifty very beautifully jumped up yesterday and spent rest of the day consolidating in minute sub wave iv of (iii) of v of III. Possibility is today it may go up again in wave v of (iii) to near 5850 range. Yesterday's sub wave iv was flat and the 5 wave decline in wave c was complete in 5 min chart.

Nifty daily chart with Elliott wave label:

Nifty hourly chart with Elliott wave label:

Nifty 5 min chart with Elliott wave label:

Nifty hourly chart with 9,14 RSI & 35 D:

Nifty Heikin Ashi candle chart for 04-10-2012

Daily cahrt:
Daily open and stay above - 5713.24 for bullishness
Moving below -  5713.24 indicate weakness in the market.

Hourly chart:
Hourly strength is open and staying above  - 5729.03
Weakness will come in with the move below - 5729.03

Nifty Elliott Wave analysis for 04-10-2012

Market do not seem to be stopping or reversing but crouching up.
Rethinking about the wave label. It may be possible that the sub wave 5 of the current wave 3 (c) may be extending and is subdividing in itself. With that possibility, daily chart is re-labeled. This may take the market to near 5900 level as well.

Daily chart:

hourly chart:

hourly chart with 9,14 RSI - 35 D:

Hourly chart with ATR: