Market : Short term trend : as on 26th Nov 2010

In the below mentioned chart, Projection retracement coincides between 6135 to 6171, which is the likely target for short term ( in days ).

Elliot waves C wave completes at 5735. Hence investors may go long with stop loss of 5735 for a possible price target of 6135 to 6171.



Now a bit of Elliot wave for beginners:
(1) Elliot wave consists of wave 1-5 followed by A-C again followed by 1-5 and so on.
(2) Wave 2 to Wave 3 is the longest wave.
(3) Wave 4 should not be below wave 1
(4) wave 5 should be above wave 3

Next wave is ABC Wave
(1) Here wave A is longer than wave 4
(2) Wave B should be above wave 5
(3) Wave C should be below Wave A

After completion of Wave C, next wave is Wave 1 of the next wave cycle.

Now correlate all these wave in the chart above and learn.