Nifty View as of 23 Mar 2012

·         We have completed Complex correction pattern which is Contracting Triangle with reverse alternation as per Glenn Neely method of EW theory.

·         Symptoms of the this triangle is observed as per below;

o   Triangle observed at the end of 5 waves in 1 hours chart of Nifty.

o   Wave A is most violent in the pattern.

o   Wave B is 61.8% of wave A.

o   Wave D is larger than Wave B. ( in standard contracting triangle is wave B is always larger then wave D. Here D is larger as reverse alternation.)

o   Wave C is 61.8 % of Wave A.  (Here we found more 61.8 %)

o   Wave E is atleast 38% till 99% ( We have completed 99% and price reverses today from point Wave E)

o   But need to be very cautious to take trade now as need to wait for 2-3 days that confirm of the reversal pattern ( Usually, Triangle is major reversal pattern)

·         Also, We already have confirmation signal that.. as per the Daily chart, we are in the 5 Wave and still we haven’t break the wave 4 point 5171. If that breaks in next week than we altogether in the wrong side. So next week is the crucial week for the same.