Elliot Wave Count :
wave 1 down: 6312-5762=560 points
wave 2 up : 5762-6152= 405 points
wave 3 down: 6152- 5177= 975 points
wave 4 up : ????????
possibilities are23.6% @ 5177 to 5414= 237 points
38.2%@ 5177 to 5562= 385 points
50% @ 5177 to 5681= 504 points
Wave 5 to followup
SOME OBSERVATIONS
Last time when poor IIP nos were released, the markets bounced only to fall again in coming days.
Feb Series: Nifty retraced 23.6%@5321 from high to low of the month, gets resisted here and continue the journey south, crossing 5360 will add strength to the bulls,
wave 1 down: 6312-5762=560 points
wave 2 up : 5762-6152= 405 points
wave 3 down: 6152- 5177= 975 points
wave 4 up : ????????
possibilities are23.6% @ 5177 to 5414= 237 points
38.2%@ 5177 to 5562= 385 points
50% @ 5177 to 5681= 504 points
Wave 5 to followup
SOME OBSERVATIONS
Last time when poor IIP nos were released, the markets bounced only to fall again in coming days.
Feb Series: Nifty retraced 23.6%@5321 from high to low of the month, gets resisted here and continue the journey south, crossing 5360 will add strength to the bulls,
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