Compare the chart of May 4th with May 11th

now there is again a triangle, nifty will bounce back in coming days.

nifty wave c is probably completed

grave stone doji and hanging man

CUP WITH HANDLE AND AVALANCHE

A triangle is predicted in nifty

nifty will take support from 5190 - 5200

nifty monthly

2011 fall of nifty

Reason for 2008 market crash

Complex zig zag and flat correction

nifty future projection (Indian market)

Modification of wave count from zig zag to triangle.

Strong upmove of nifty has started.

Elliot wave 3 in nifty

A long upmove is coming in NIFTY

A long upmoved is seen coming in NIFTY according to Elliot waves.

nifty very strong in upward direction

Nifty broke out the ending diagonal triangle or the bullish diagonal triangle. Now the hourly RSI is at 70 mark, this can go up to 80 mark. The RSI took support at the support zone at 40 mark, it didn't broke the 30 mark which is a very bullish sign.

Nifty bounce back to upward

Nifty bounce back to upward after it has corrected. The abcde correction which is called a diagonal triangle or bullish diagonal triangle or ending diagonal triangle. It is comprised of five small wave which are named abcde. All the subwaves of abcde are made up of three waves, not five waves. If any of the small abcde waves are made up of five waves then it is not diagonal triangle. The bounce back is very sharped and has a very dramatic reversal to upwards.

NOTE: In the daily chart of yesterday the 29th March 2012, there is a bullish counter attack candle where it took support from the 200 day moving average of 5140 in nifty. The small resistance is at 50 day moving average of 5318 in nifty.

In the weekly chart there is a hammer candlestick which is also a very bullish sign.

The daily stochastic is showing BUY signal where it just pop up from the oversold condition.

Nifty in last wave 5th OF ABC correction.

Nifty in downward mode 2

NIFTY 5378 target achieved and fall freely 136 points today. It has more room to fall again.