Short Term Trend- Correcting in Wave ((iv)): Nifty 50 is correcting in wave 4. Wave (a) a of ((iv)) has finished at 9686 and since then wave (b) of ((iv)) forming a triangular pattern. If my assumption triangle holds good then we can expect wave (b) of ((iv)) to remain below 9950. Equality with wave (a) and (c) suggests minimum target at 9494 and 38.2% retracement of wave ((iii)) is placed at 9280. Thus, we can expect wave ((iv)) to be reached between these two points.
Note: Wave levels written in "Double Bracket" should be read as circle as shown in the chart.
Long Term Trend- Rising in Intermediate Degree Wave (3): Long term pattern in Nifty 50 remains bullish. The rally which started since October 2008 still has potential to reach 13000 by 2020-21. But before reaching there so many ups and downs should be followed. First major top can be expected around 11000-11500 area by mid 2018 in the form of Intermediate degree wave (3). Such a top may invite major correction as Intermediate degree wave (4) to around 8500-8200. After that we can expect intermediate degree wave (5) to reach around 13000 till 2020-21.
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