The current elliott impulsive wave has started from 2009, and the last impulsive wave of 5 is going on at present, also the subwave of wave 5 is maturing too, all in all we are heading for a correction. Most of the times, the wave 5 would reflect wave 1’s character. In that case, Nifty would top around 12600-12700 (applying same length of wave 1). In case if the wave 5 gets extended (which is unlikely due to the tricky political situation in India next year), it won’t go more than 13200.
Enjoy the ride and be cautious when Nifty touches 12600, since when the current cycle ends, things would be looking ugly.
