Conclusion:
1. The Nifty cash seems to be unfolding Standard Impulse pattern from the end of (B).
2. The wave (v) is in extension and is well above minimum requirement.
3. Currently, the Nifty cash is in wave 4 and this wave 4 is expected to end in 7500-7495 area. The
wave 4 can fall till maximum of 7415. Beyond 7415, the wave 4 becomes doubtful. If Nifty cash
decisively falls below 7400 then probably wave 5 (also wave (v)) has already completed at the
top of 7700.05. In this case, the index may fall till minimum of 7040.
4. If the index takes support above 7415 and turns up, then it will indicate the completion of wave 4
and this may make index to move above earlier high of 7700.05. In this case, the index may rise
till minimum of 7730 and is not expected to move above 7785 in any case. This expected rise will
be wave 5 of (v) and its end will also conclude wave (C).
5. Note that the current wave 4 has already entered into the area of wave 2 and this suggests that
wave (v) may be developing as Terminal Impulse. Hence; probably; a major top may form in the
area of 7730-7785. As mentioned above, the current fall extending below 7400 will negate the
Terminal Impulse.
6. In short, the level to watch during the week is 7495 of Nifty cash.
NITIN SIR
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