After completing Downward Impulse Wave 3 on 27th October 2008, by the Nifty reaching 2257 , the Indian Stock markets are now in wave 4 of the Impulse downward move which began from the top of 6357 achieved in January 2008.

Wave 4 is a contra trend rally with targets of 3250 to 3500 range on the Nifty;

Wave 4 is generally all over the place and not as clear cut or well defined as Wave 2.

Wave 4 will be followed by Wave 5 , with a Nifty target in the range of 2080 to 1900 on the downside ; ie a Sensex Target of 6500 approx

Elliot Wave - Indian Stock Markets

Elliot Wave - Indian Stock Markets