Nifty Cash : 4895
Nifty 2008 Low : 2252.75 Date : 27/10/2008 Bottom of Wave 1
Nifty High : 5181.95 Date : 20/10/2009 Top of Wave 5
See the Nifty Chart below for the detailed wave structure.
After an impulse, the market goes into a correction, which is what is happening in Nifty.
Currently Nifty is forming a Flat pattern where Wave A & Wave B are complete. Wave C of the flat is under process. In this flat pattern, an elongated Wave B was formed.
Normally, after an impulse, the correction usually goes right upto the previous Wave 4, which made a Bottom at 3918.75 on 13/07/2009. And the fibonacci 0.382 of the whole impulse is at 4056.
We have a very good & strong zone between 3900 & 4050, a strong level for the Nifty to complete
Wave C.
