INDIAN MARKETS GOT STRONG SUPPORT WITHIN POST ELECTION RESULTS GAP OF 18-05-2009 AND RALLY STARTED AGAIN. IT SEEMS THAT 2ND WAVE(1ST CORRECTIVE) HAS BEEN COMPLETED AND 3RD WAVE(2ND IMPULSIVE) HAS BEEN STARTED ON 13-07-2009 FROM 3919. AS PER ELLIOT WAVE 3RD WAVE(2ND IMPULSIVE) TARGET IS MINIMUM 6071(3917+2154).
3917- LOWEST OF 2ND WAVE(1ST CORRECTIVE)
2154- 1ST WAVE GAINED POINTS(4693-2539)
AS PER ELLIOT WAVE 3RD WAVE(2ND IMPULSIVE) REMAINS LONGEST AMONG 3 IMPULSIVE WAVES THEREFORE IT SHOULD SHOULD GAIN MINIMUM 1ST IMPULSIVE WAVES POINTS WHICH ARE 2154.
STRONG CONFIRMATION WILL COME WHEN NIFTY WILL SUSTAIN ABOVE 4480 BECAUSE IN THAT SITUATION INTERMEDIATE TERM TREND WILL ALSO BE UP. ALTHOUGH IT SEEMS ALMOST CONFIRM THAT NIFTY WILL SUSTAIN ABOVE 4480 AND CROSS ALSO 4693 (IST WAVE HIGHEST) BUT FOR SAFETY GET CONFIRMATION FROM SUSTAINING ABOVE 4693.
INDIAN MARKETS ARE ON THE VERGE OF RESISTANCE RANGE OF 4400-4480 THEREFORE SOME CONSOLIDATION REQUIRES TODAY. AS GLOBAL CUES ARE STRONG TODAY MORNING THEREFORE CONSOLIDATION WILL BE SEEN BETWEEN RESISTANCE RANGE(4400-4480) AFTER POSITIVE OPENING TODAY. GREEN CLOSING IS EXPECTED TODAY AFTER SOME VOLTALITY.
(LALIT KUMAR DHINGRA)
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