there is lot of confusion in traders about short term outlook for nifty.
I have attached chart for the same(which was prepared on sunday).
---nifty made top at 4509 after election(a).
---wave a of 979 points(from 3530 to 4509)
---then nifty corrected upto 4092(b).
---thus correction was of 417 points.(wave b)
---then nifty made top at 4637(c).
---wave c was of 545 points.(which is less then wave a)
---now we are in wave d which will be more then wave b(417 points).
---so wave d should end below 4220(4637-417) and should last 5-7 trading days.
---then pre-budget we will be in wave e.
please remember that this is my assumption only and do not trade on this basis only.
for trading we will rely more on our trading sysytem calls only.
with regards.
-niftydoctor.
