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NIFTY WEEKLY SPOT
Nifty may touch 8836.You are reading it right.The flat correction which I was expecting in wave 4 got truncated into a C-Failure flat.So already we may have started wave 5 up.If Wave 5 up has started, expect 8836 on Nifty.The basis of this analysis is that in Elliott wave theory , if Wave 3 is extended, ( which in this case is) then wave 5 and wave 1 will tend to be equal.Here wave 1 moved 1296 points.So expect 1296 added to the bottom of Wave 4 i.e 7540 which comes to 8836 approx.This is the minimum target.
Caution :This is an Elliott Wave Guideline and not a Rule.
How to confirm Wave 5 has started ? If wave 5 has really started, then before it’s completion it will not move below 7540.Also if Nifty trades continuously above 7841, then we can say that wave 5 may have already started.But if Nifty trades below 7841 continuously then wave 4 is still taking place.Only thing is you may have to have a lot of patience.
WEEKLY NIFTY
devadasnayak 