Monthly NeoWave Analysis

of Nifty cash
D AT E : 0 1 / 0 2 / 2 0 1 5

Analysis by Nitin E.Bagde

e.mail address : nitin_in@yahoo.com

Analysis of Six monthly wave chart Anticipating Irregular Contracting Triangle from the end of wave circled x (from the top of 6357.10 during January 2008).
Currently wave circled d is progressing and the pattern inside it is still unknown. The anticipation of Irregular Contracting Triangle will get negated if 9600 level is
crossed on Nifty cash. Since the alternate waves are generally related to each other by some Fibonacci ratio, it is expected that wave circled d may turn out to be 61.8%
of wave circled b. If we consider 4% error then the resistances at 58% is at 8640, 61.8% is at 8985 and 66% is at 9360. Since the index has already crossed above 8640, it
is expected that the current up trend may get arrested somewhere below 9600 (it being the maximum limit if above mentioned variation of Contracting Triangle is
unfolding). Has the Nifty cash already made the top at the high of 8996.60 (of 30/01/2015) or still some steam is left ? The analysis of monthly wave chart may offer
some help which is presented on following pages..

The up trend is expected to end somewhere below 9600

and the breach below 7400 before December 2015 will
confirm the end of up trend that started from 5118.85.

The pattern is still unknown inside

the up move shown in green
rectangle. The analysis of monthly
wave chart may provide some clues
regarding future price action.

Analysis of Monthly wave chart - The earlier count was discarded since the adjacent legs of previously expected pattern (Neutral Triangle) crossed
beyond permitted price and time limits. As of now, the count given below seems to be appropriate count. Currently, a Double Combination pattern is
expected which has started with a Diametric. The (X) wave again is a Diametric and the last pattern is still unknown. At present, wave (C) of the pattern is
progressing. The time and price consumed on completion by wave (C) may give us the clue about the pattern. The only thing that can be mentioned at
present is, if 8400 is not breached then the Nifty cash may reach up till 9580-9600 area before end of July 2015.

Conclusion of Analysis

The clarity about longer term pattern is very less and hence, it can be said that the
pattern completion point is far away.

The up trend that started from 5118.85 (low of August 2013) is still intact and may
move further up.

The 8400 level of Nifty cash is the crucial support and the continuation of up trend
may become doubtful if the above mention support is breached.

If 8400 is sustained then Nifty cash may rise up till 9580-9600 area before end of July
2015.

Thank you