C retraced equal to wave b , and doesn’t looks like a completed wave, can further come down,next level is 8004.
Now the following are some guide line for Wave c targets.
Wave C normally reaches to the end of Wave A
Wave C is often about the same length as both Wave A and B.
Wave C often ends at point which is a percent of Wave A beyond end of Wave A equal to the same percentage away from the start of Wave A.
Wave C usually retraces a minimum of 100% of Wave B.
This itself tells us that a wave count is not a trading tool. It is just a guide line for knowing the trend and possible reversal point. That is how I look into it.
The move from 7916 to 8251 was either Wave (a) or (i).
In lower degree, the fall from 8251 to 8057 is sharp & looks like an impulse,is wave a, the rise to 8254 looks like corrective one is wave b ,and now wave c is progressing. Since the correction start with an impulse 5waves in a , can we expect a 5 3 5 3 5 in wave(b).??? like an abcde.
There was some objection from a boarder about my count from 7916 to 8250 as wave i ,
I humbly welcome those interaction, as there are many possibilities, and even many esteemed experts having different counts. Some are following classical , some follow . The theorist have failed many a time to get the market move, are they are now, counting an ABCDE from the nifty top 9119.. I am reading Vivek Patil some time as I am getting his weekly report through ICICI, but I am not fully convinced by that count even. Also I was getting Matt Frailey’s report and have contacted him many time in early 2007 bull rum, and he added BSE chart in his forum after my inquiry.Then Anhony caldaro is having a different count.
Anyway one cannot differentiate an A wave form WAVE 1,
and wave 2 & wave B will have same personality expect in irregular , where B can retrace more than A , but if it is 2 it cannot go beyond wave 1. Similarly wave 3 and C also will have the same personality.oops. it is too dynamic and not easy to discuss the positions.
see you all after a small vacation.
Wishes Merry Christmas & a happy new year to all o f you.