NIFTY AS PER ELLIOTT WAVE llllllllll ( HEMANT ) | HEMANT PARIKH

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ELLIOTT WAVE FOLLOWERS WILL REALIZE THAT DURING THE LAST BEAR MARKET OF 2008, NIFTY AFTER CORRECTING TILL 27TH OCTOBER 2008 LOW OF 2252, TERMINATED THE BEAR MARKET THE FRESH BULL MARKET STARTED FROM THERE. 1ST UP WAVE WAS COMPLETED ON THE DIWALI DAY OF 5TH NOV 2010 WITH A HIGH OF 6338. THE lsquo;ABC rsquo; ZIGZAG CORRECTION AS THE 2ND DOWN WAVE BROUGHT NIFTY DOWN TILL 20 DECEMBER 2011 LOW OF 4531. THEN THE MEGA BULLISH 3RD UP WAVE WHICH STARTED FROM THE LOW OF 4531 WENT UP AS THE 1ST UP SUB WAVE TILL 5630. THE DOWN lsquo;ABC rsquo; ZIGZAG AS THE 2ND SUB WAVE BROUGHT NIFTY DOWN TILL 4TH JUNE LOW OF 4770. THE 3RD UP SUB WAVE WHICH IS THE LARGEST SUB WAVE HAS COMPLETED ITS 1ST UP SUB SUB WAVE TILL 5349 AND THE 2ND DOWN lsquo;ABC rsquo; ZIGZAG BROUGHT NIFTY DOWN TILL JULY 26TH EXPIRY DAY LOW OF 5032 FROM WHERE THE 3RD UP SUB SUB LEG HAS STARTED. NOW NIFTY IS JUST AROUND THE HALFWAY MARK OF THE 3RD MEGA UP WAVE WHICH HAD STARTED FROM THE 20TH DECEMBER 2011 LOW OF 4531 SPOT NIFTY LEVELS. AFTER MAKING THE 1ST UP SUB WAVE HIGH AT 22ND FEB HIGH OF 5630 THEN CORRECTING DOWN TILL 4TH JUNE LOW OF 4770 WHICH WAS THE LOW OF THE 2ND SUB LEG OF THE MEGA 3RD WAVE, NIFTY NOW IS IN THE 3RD SUB LEG OF THE 3RD UP WAVE THAT AFTER HAVING BREACHED THE EARLIER INDICATED 1ST SUB WAVE HIGH OF 5630 IS HEADING TOWARDS NEW LIFE TIME HIGHS ABOVE 6357. THE PRESENT 3RD SUB WAVE WHICH HAS STARTED FROM 4TH JUNE LOW OF 4770 UNDER NORMAL CIRCUMSTANCES SHOULD MOVE UP 1.62 TIMES OF THE 1ST SUB WAVE WHICH WAS OF 1100 POINTS FROM 20 DEC LOW OF 4531 TILL 22ND FEB HIGH OF 5630. HENCE KEEPING THE FIB 1.62 IN MIND THE MINIMUM LEVEL THE PRESENT 3RD SUB WAVE SHOULD REACH IS 1.38 TIMES AT 6049 OR 1.50 LEVEL OF 6181 WHICH IS A MAJOR RESISTANCE AS CAN BE SEEN IN THE CHAR ABOVE BEING THE HIGH OF 4TH JAN 2011 THE FINAL 1.618 TIMES AT 6310 NIFTY LEVELS. AT ANY OF THESE THREE LEVELS ONE CAN EXPECT THE 4TH SUB WAVE PAUSE OR CORRECTION THAT MOST LIKELY SHOULD BE A TIME CORRECTION IN THE FORM OF A 3,5,3 OR 3,3,5 FLAT BEFORE BLASTING OFF AS THE FINAL 5TH UP SUB LEG OF THE MONSTER 3RD WAVE.