Hello Rohit,

Is it Himachal Futuristic communication

Best regards
Goutham Chand
Chennai

Bang on Goutham

At the risk of being contrary to all the bearish scenarios here,What i see on the daily charts is a higher low and a higher top in place, for me this a bull market now with an initial target of 5610, and if it takes out 22nd February high of 5632, i'll revise my long target to 6100.

Stop loss on longs being a breach of 5098, an area which proved to be a major consolidation zone for Nifty.

The risk to this bull market is dollar, which too is in a bull market with a similar higher low and a higher top formation.

Would we get USDINR at 60 and Nifty at 6100 at the same time? - Only time will tell.
Attached is the relevant Daily chart of Nifty.

Were it to take out the 2010 high as well, i'll further update the long/meduim term target to 7300. However, not to jump to that high as yet am having an immediate target of 5610 and there would review once again or on break of 5098.

I do expect a retest of 5197 in the coming days before this bull market resumes its rally and am a buyer on that dip.

Kapil Tandon.

HI ALL,

I am a CMT level II candidate.It would be of great help if someone could provide an Elliot Wave Supercycle chart of NIFTY or SENSEX.It would help fellowmembers to learn and understand the concept in detail.

With Regards,
Rupesh Solanki.

I have been a little wrong over the last few days and Nifty has been going nowhere, while I was expecting it to go down. Whle using Elliott Wave Analysis, we should never question the markets, but always facto in what the markets are doing to get a fair idea of what markets will do next.

Thus I am changing my count a little, Though it is not changing the expected result.

you may see Rohit's post on "Triangle of Triangles" in this thread earlier. It appears that Rohit has caught the right count the earliest. Attached see my reworked count on a similar thought.

If this is correct, we can see a swift resolution after this Contracing Triangle is complete. We could easily see the Novembe 2011 low of 4530 tested fairly soon. This count would be confirmed for a trader only when Nifty gives a close below 5050 and that should be tested sooner than later.

The attached chart should make the point clear.

pic attached here