LONG time charts ,weekly,monthly are easy for deciding the market direction. daily charts are the lowest time frame in elliott wave analysis to count sub waves. if you want to trade tension free ,follow daily charts take position for a weekly and monthly targets. A simple idea is shown in the above chart. we have completed 2 legs of corrections as wave 'A' and 'B' which are 5 wave diagonals followed by 3 wave recovery waves 'C' and 'D'. 5 WAVE diagonals are motive waves and the main purpose is to sell but not intensively, but after the end of wave 'D' ,you may have a sharp sell off as wave 'D' is the final up move unable to lift the index above wave 'B' . FAILURE to do so wave' D' will become third top which is a strong RESISTANCE for bulls. you may notice FII sold enough stocks and they have taken SMART MONEY out of the system, by zolting the market to and fro. now tell me who is bather about innocent SIP money flowing though mutual funds, when final selling climax started? the monkeys bought from FII's at higher price is with us, will FII buy from us? first leg of wave 'E' has the target of 16300
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wave'A' of Y is completed today as selling exhausted,now expect a recovery rally upto 4 th may
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D wave not completed , buy for today as it will go high for 17400 till 10.15 am tomorrow