Nifty Long Term Over View Part 2

Continuation from Part 1

NiftyDec2013

Nifty Monthly Wave chart

In above chart from jan 2008 nifty seems to forming contracting triangle… it’s BD Trend line also broken……

based on these we may assume that we have completed an Contracting triangle…….

according to neo wave rule Post Pattern move after contracting triangle would minimum 75% of largest wave to maximum 125% of largest wave…

since in monthly chart E Wave Started 5700. while Wave A is Largest (6357-2252.75) if folding pattern is correct then we have a minimum target of 8778 and maximum 10830….

i expect the upper target can be met after election result….

one should also note that a convincing break below 5700 would negate this bullish view

in Next Posts I will explain nifty weekly chart as well as nifty daily wave chart to forecast pre election moves of nifty…

Happy Trading………….

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