In the current scenario we are in the 4th wave in the Nifty monthly chart and this impulse wave is rotating in the terminal wave, which means that the 4th wave will be overlapping of the 2nd wave. It finds immediate support at 7250 and is significant at 6180. The sale could start another bout around 6180 which could pull the Nifty up to the 4305 level.
Your levels are possible only when you relable 3 instead of 1....4 instead of 2.....and 5 instead of 3. That will complete a big 12345 and will correct till previous 4.
Next_Waves
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@vsarode2, don't worry my target is fixed. it will not be change at all. and i am very confidant about my levels because my count never wrong in Elliott wave
sanketsudan
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4th impulse wave should not be even going to 61.8% levels which works out to 6120 or thereabouts. I do not understand how you have gone down to 4305 levels?
Next_Waves
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@sanketsudan, sir please watch this hit 61.8 or 6180
sanketsudan
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@Next_Waves, Personally I do believe it will hit that level of 6180. But 4305 seems pretty far fetched. RN Elliott did prove his theory but most of us still have to fully comprehend its mysteries. Technically the levels beyond 38.2 are unusual for wave 4. 61.8 is extreme. 85.4% technically is beyond everything seen so far!
Next_Waves
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@sanketsudan, When prices close below 6180, it creates another counter to sell which will be 78.6
sanketsudan
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@Next_Waves, I appreciate your persistence and perseverance. One of the most important motive wave rules (from Prechter’s book, The Elliott Wave Principle):
Wave 4 never moves into the area of wave 1. Further as per Elliott himself wave four should not carry to as low a level as is attained by wave two.
Your scenario envisages violation of rules as given above.
Next_Waves
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@sanketsudan, i follow Glenn Neely's advanced Elliott Wave theory which is advance better than R.N. Elliott
sanketsudan
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@Next_Waves, Firstly, Neely in no way contradicts the basics of Elliott Waves; he only amplifies what hithertofore has remained poorly understood and applied. Consequently Neely has attempted to further benefit from Elliott Waves. Neely concedes that Elliot Waves are able to forecast long-term trends rather well. As far as wave 4 is concerned at no stage Neely talks of retracement beyond 61.8% of wave 3. At no stage Neely has called in question any of the basic rules of Elliott Waves as enunciated by RN Eliott that I have referred to earlier. I would let the matter rest here as now it is getting to be too academic whereas aim is to be able to foresee things that help you maximise profits. It was nice interacting with you as it made me brush up my basics once again.