The rally from 6825 to highs of 8969 was all choppy & sloppy- lot of confusion as one can count it clean impulsive wave so this was the reason for me to believe that 8969 could be the top 2016 & likely going into 2017- Nifty could look for its larger C-wave which shall run into months likely make lows in the zone 6600-6700 where it retraces 61.8% - I am taking this target as A-wave in 4th has already retraced 50% surprised bears from the lows@6825.
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22:59 Hrs 13th Nov2016
Sorry for Typo error One cannot count clean impulsive wave upside starting from 6825 lows in Feb2016 to recent highs@8969 - so I am assuming that 8969 could be the top for 2016 & likely a B-Wave in yet to complete 4th Wave which shall likely be done in mid of June July 2017
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10:35 Hrs 15th Nov2016
Day's Low@8125
Going Below 8150-8175- satisfied that Nifty likely has high chances of making fresh lows even below 8000 in coming days, but still we will watch what kind of bounce we get in the coming days.
"USDINR- Is this the reason for scary markets"
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12:24 Hrs 15th Nov2016
Last Price@8147
Do not be in a hurry as markets not looking immediately for a bounce
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13:07 Hrs 15th Nov2016
Last Price@8154
Now we will wait on sidelines for further market direction likely a bounce could be expected
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13:36 Hrs 15th Nov2016
Last Price@8182
Nifty bouncing back
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13:59 Hrs 15th Nov2016
Last Price@8150
Do not hold below 8135 - it is too risky to expect bounce also
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14:17 Hrs 15th Nov2016
Last Price@8164
If expecting bounce -let us not hurry & wait because markets not giving confidence
@dekadipak70, Man proposes Market disposes,according to the periodical " economical recession after every eight years " is starting from now and analysts saying it will continue to more than 1200 days to recover.If that is the case we are going to face more trouble ahead ?
digi_anki
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dont u think wave 4 have already happened in your chart ?
WaveTalks
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@digi_anki, I just said - could be possible- this is what I think- if goes above 9119-then likely 4th wave is already done
SaurabhMehra
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@AbhishekHSinghCMT - Don't you think there can be a possibility of markets bottoming around 8000-8100 levels. In that case 6825 would become Wave 4 and eventually Wave 5 exceeding 9119(Wave 3) levels?
Secondly, if you observe, then a straight line connecting 5118, 6825, 8000-8100 could be generated in the trend I am seeing.
Apologies upfront in my case my understanding of Elliot waves doesn't make sense to you... still learning and trying to make sense :)
WaveTalks
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@SaurabhMehra, I don't deny this- that could be a possible count if 9119 highs are taken out.