Nifty-Elliotwave count

Nifty has completed the intermediary wave 2, marked in green @5177 and since then we are in Int Wave3.Third wave is always powerful and fast which creates maximum damage for the traders on the other side.
The potential targets with 1:1 ratio would be 6729 and 1:1.618 would take Nifty to 7688 in the coming weeks and months.

Happy trading

Nifty Pattern

Nifty has been rangebound for quite sometime and it is poised for a breakout from the range,sooner than later.
There have been 3 head and shoulder patterns pointed out in the chart.
1) The one pattern marked in Light green was poised for a breakdown last week touching low of 5328 and bounced 150 points from the neckline.Break and close below 5300 would lead to targets close to 4200.
Keep an eye on this for another week,after which pattern might be negated.

2)  The one pattern marked in purple,is a smaller pattern.This pattern is a bottoming Inverse head and shoulders pattern formed after nifty touched its peaks in December 2010,which should eventually break upside  at around 5800,with the potential target around 6700.

3) The one pattern marked in blue is a much smaller one,which is in the process of forming the right shoulder.

Ideally,I would see the breakout in Nifty to the upside than breakdown.