NeoWave Analysis of Nifty cash Daily wave chart Date : 29th April, 2014

Conclusion: 

1. Currently, the second correction of anticipated “Double Combination” pattern may be unfolding. 

2. The second correction may be Contracting Triangle (with reverse alteration) or Diametric. 

3. The 6875 level is crucial resistance and the index action around it may bring clarity about 
Contracting Triangle or Diametric. If Nifty cash fails to cross above 6875 then Contracting 
Triangle is unfolding and upward wave E is pending which may rise up till 6870-6875 area. On 
the other hand if 6875 gets breached then Diametric is unfolding and in this case waves E, F and 
G are pending. In this case, the index may rise up till 6970 and has the capacity to rise till 7060. 

4. The wave A of second corrective is of trending nature whereas waves B, C and D are of sideways 
nature. The sideways action has breached above the top of wave A. This is the indication of high 
strength of trend. This price action indicates the high probability of index moving up till 6970 and 
above. 

5. But kindly note, the breach of 6665 on or before 2nd May 2014 will negate the above anticipation. 
Hence one can initiate long in the area of 6705-6680 (if some sort of reversal pattern is formed on 
short tern charts) with stop loss of 6660 for minimum target of 6870 and further up till 6970. 


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