Nifty Elliott wave analysis for 13-08-2012

 Nifty seems to have completed the fourth wave as shown in the daily Elliott wave labeling above. This is also supported by the 9 RSI and 35 D chart as shown at the end. They have peaked when nifty was near 5376.45. This is typically seen in the 3rd wave. So now Nifty have to make another high but 9 RSI & 35 D have to make a lower high to form negative divergence.

The five wave (as discussed last week) may be the end of wave C or is the wave 1 of the 5 wave up move of wave C. The answer is known if 5032.8 in correction.

Nifty Elliott Wave labeling on 5 min chart:

 Nifty Elliott Wave labeling on hourly chart:

 Nifty 9 RSI & 35 D on hourly chart: