The first leg of this downward move [a 5 wave move] has ended on 1st Feb 2013 as seen in hourly charts.
The second leg [ a 3 wave move ] has ended on 20th Feb 2013.
Currently the third leg is in progress.
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Nifty hourly chart
The probable target for this downward move is 5737 as seen in the chart below.
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Nifty daily chart
An Alternate count:
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Nifty hourly chart
If the last move is b, then an upward c may come which will terminate the second leg at around 5980 and then the downward third leg will start.
In this scenario also the target of 5737 will be reached but after an upmove.
Disclaimer: The views given in this blog are for educational purposes only. Readers should exercise personal discretion and take expert advice before taking any action in the stock market.The author of this blog is not responsible for any losses which anyone might incur in the stock market by acting on these views.
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