Elliott Wave based outlook for the NIFTY

[v_k_b]

From www.elliottwaveanalyst.com -

Short term Outlook (13/02/2006)

The immediate outlook is that there should be a rally in which 3056 or 3136 is reached. The region around 3136 is a region where long term, medium term, intermediate term and short term fibonacci targets converge and hence a very powerful long term turning point. Unless 3150 is taken out strongly, it is a matter of days before the current multi year rally ends! But first obviously, 3056 has to be taken out.

 

[v_k_b]

From www.elliottwaveanalyst.com -

Outlook for 17/02/2006

It is being said for the past few days -
The immediate outlook is that there should be a rally in which 3056 or 3136 is reached. The region around 3136 is a region where long term, medium term, intermediate term and short term fibonacci targets converge and hence a very powerful long term turning point. Unless 3150 is taken out strongly, it is a matter of days before the current multi year rally ends! But first obviously, 3056 has to be taken out.
The index reached close to 3052 before correcting. In the midst of all choppiness over the last few days, the market seems to have given a clue for what is next. We seem to be staring at a pretty decent downmove if 3036 is not convincingly taken out on Friday. The NIFTY is at 3021 now. This makes it appear as a pretty good trade setup where the risk is about 15 points and the reward is higher, much higher.