Weekly roadmap for Nifty cash--nitin sir

Weekly roadmap for Nifty cash

Analysis : Anticipation for next 2-3 months.

Monthly wave chart updated till 31/03/2014

1.      The pattern anticipated from the end of wave circled c (red) is Diametric and currently, wave (E) is unfolding.

2.      The wave (E) is again unfolding as Diametric and currently wave (g) inside (E) is in progress.

3.      The above mentioned wave (g) already reached its given minimum target of 6420 and has crossed above maximum target of 6620 and hence the scale is changed from linear to logarithmic.

4.      Since the Nifty cash is in last leg of wave (E), the completion of Diametric inside wave (E) may open index for downward move as wave (F) which may fall till

minimum  of  5930  and  maximum  of  5700.  The  target  area  of  5930-5700  is expected to reach before end of June 2014.

5.      To profit from the expected fall, we must anticipate the end of wave (E). To anticipate end of wave (g), we need to know the maximum level till which Nifty cash can move up and the important resistances levels (which can act as turning points) below maximum level. The maximum upside for wave (g) is till 7150. Kindly note, it is not necessary for wave (g) to touch 7150 level; it is just the maximum level till which Nifty cash can move up. The maximum levels are touched only in extreme conditions and never in general conditions. Please also note that the coming Elections can generate extreme conditions.

6.      The 6778 level seems to be important and crucial resistance level and can act as a turning point. Till date, the index has made the high of 6776.75 and is currently hesitating to move up.

7.      Since the confirmation of completion of pattern comes late on bigger time frame charts, we need to analyze weekly wave chart to get the evidence of pattern completion.

Analysis : Anticipation for next 3-4 weeks.

Weekly wave chart updated till 04/04/2014

1.      The wave (g) has consumed 17 time units till 4th April 2014 and seems to be around completion.

2.      The completion of wave (g) will also complete wave (E) and may open Nifty cash for down move which may fall till 5930 on or before 6th June 2014.

3.      The confirmation of completion of wave G will come if 6660 is breached on or before 11th April 2014. Thereafter Nifty cash needs to cross below 6470 on or before 18th April 2014 to confirm the completion of wave (g).

4.      In case, if Nifty cash crosses above 6778 (without moving below 6660) then the index is heading for higher levels. In this case, the counts on weekly wave chart may change in future.

Note : The clarity on daily chart is very low and hence is not presented in this report. But the cross below 6675 on 8th April 2014 will increase the probability of reversal. If 6675 is crossed on 8th April then we need to watch 6660.

 Conclusion

For confirmation of reversal and pattern end (which started from 5933.30), we need a sequential unfolding of specific retracement events. They are as below

1.      The breach below 6675 on 08th April 2014.

2.      The breach below 6660 on or before 11th April 2014.

3.      The breach below 6470 on or before 18th April 2014.

The faster the above events happen, the better for reversal. If the above events take place then we can expect 6200 till end of April 2014. The breach of 6470 on or before 18th April 2014 will also confirm that Nifty cash is going to move below 5930 on or before 6th June 2014.

Kindly note, the breach above 6778 will negate the expectation of fall.

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