As an elliottician I am trying to relate the events on the price structure of the most followed Index -Nifty.
My Primary Count still remains the same with choppy & confusing period (Triangle from 2008 to 2013) which Indian markets have faced in past.
Ghotala karne walo ki waah re waah! - As an individual do we realise what was the quantum of harm which was done to our nation making us struggle for bread & butter, which is the livelihood for 80-90% of our country residents.
Various Ghotala- which has left a scar to all Indians.
Bofors Scam, 2G Spectrum Scam (2008), Satyam Scam (2009), Commonwealth Games Scam (2010), Coal Scam (2012), Chopper Scam (2012), Tatra truck scam (2012), Adarsh Scam (2012).
A country without ghotala would have been the best place for talents to breed in the nation taking us forward & we could have been recognized globally as super power but with each passing year the magnitude of scam got bigger rasing doubts in an individual's mind- what will happen to our country.
Ask yourself- It has stolen future for many talented individuals & forcing us to leave the motherland.
In U.S. - "Misprision of felony" is still an offense under United States federal law after being codified in 1909 under 18 U.S.C. § 4: ... The Federal misprision of felony statute is usually only used in prosecutions against defendants who have a special duty to report a crime, such as a government official.
Na Khayenge - Naa Khanedenge - Time has come that we should raise our voice for a better future.
Primary Waves are circled waves
It is primary wave-1 done at 6357, wave 2 down to 2252(reaction before kasab event) - wave 3 shall be done at 11995 at 161.8% of wave 1 distance taken from wave 2 bottom.
Intermediate waves are with brackets
Primary wave 3 is sub-divided into intermediate wave (1)-(2)-(3)-(4)-(5) -currently we are in Intermediate wave (5)
Intermediate wave (5) looks to be subdivided into minor waves 1-2-3-4-5 now if Nifty starts moving below 8968 then it could be further subdivided as minute circled waves i-ii-iii-iv-v where minor wave 2 at 7893 cannot be broken for this count to be valid if 7893 gets broken then primary view mentioned above will take the drivers seat.
So, going below 8968 - correction sequence starts which can be challenging to trade giving most of us tough times.
Last Price- 9230
See Intraday we should keep taking 15-20 points & moving stops below so that your back end is covered for safety reasons.
Holding above 9200 whole day seems positive so we can expect Nifty to go at higher levels 9250-9260+ as target zone
Markets are about to close -intraday traders should book profits & plan fresh next day.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw