Possible Elliot Wave Analysis - Nifty

Nifty could most probably be forming an expanded flat as part of wave 4 of 3(3) in the weekly charts(very similar to S&P 500). Once wave 4 is over, the minimum projected level to complete major wave 3 would be 13,000+ levels. For long term investors it would be ideal to pick up quality stocks in their portfolios around these levels. As per my analysis Nifty has a long way to go before forming a major top in the long term charts.

Please consult your financial advisers before taking any decisions.

Good Luck!!!