In consistent with our previous posts Nifty looks to be continuing with its 13-15 week cycle which we discovered on 19th may 2011. Also there is one new pattern emerged as shown in the figure below that every alternate time nifty completes the 13-15 week cycle it creates a New Low. So this time as shown in the figure it looks like Nifty will pick up from current levels without creating a sharper new low which means a short term pullback rally is expected.
This move can stretch up to 4932 levels which is 38.2% retracement of the downward Impulse Wave created by Nifty as per Elliott Wave Theory as shown in the below figure. Also the 5 wave impulse pattern found in Long Term KST also confirms the reversal of the down move on a short term basis.
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