In both the wave counts the resistance level for the week is 6350/6400 and the support level is 6200. This week, it has to break either the resistance level or the support level.

If the resistance level has broken then we can expect a rally to go beyond 7000 level.

If the support level has broken then it is possible that the terminal impulse is complete and the retracing is began. You all know that terminal impulses are retraced completely.

count1:

count2:

23 Dec 13

I had a confusion in the last week, so just stayed away until an understandable structure is formed.

Now, in the beginning of this week, I have two views. Both have a range bound movement this week probably 6100-6400.

1:

The whole configuration beginning from 5119 could be an impulsive wave. So far if the points marked on chart is correct then it looks like it is going to be a terminal impulse.

If 'c' of '4' is completed then it is possible that '5' has already began and would make a top, if not, '4' would grow further down and complete this week.
2:

The 'C' that completed at 6332 could be 'A' of a larger A-B-C. Then the larger 'B' followed and we are at 'C' of 'B'.

In this view, it is possible that this 'C' has ended at 6130 and the larger 'C' has already began. Another possibility is that 'C' has not completed yet and so could grow further downside and make a bottom this week.

8 Dec 13

Last week I expected the index would move within the range, instead index went above the upper line with force and closed a little lower still way beyond the upper line I marked last week. This entire wave from 5118 looks very complex and unpredictable. There is a possibility of another wave count that I have listed in the second chart.

As marked in the above chart, it is quite possible that 'c' and also 'B' is completed last week and we can expect 'C' to follow as I have been expecting since last two weeks.

On the other hand, after 'C' ended at 6332 'D' began and ended at 5972 then now 'E' has began and could progress to make a newer top in the next week. The below chart explains that.

Hope I have marked the present waves correct and in the coming week the index behaves accordingly.

1 Dec 13

Although, the index moved within the range I marked in the last week, it doesn't show a completion status. Maybe, one more week of range-bound movement is expected.

 

The above chart is daily and I have marked my wave count in the perspective. When, I look at the 30-min chart to see how the 'c' has developed. It gives me two views. Please read the following two cases on how I expect the 'c' and 'B' could develop in the coming week.

 CASE 1:

'B' is developing as a 'triangle' (a-b-c-d-e).

If 'c' has ended on last Friday, then expect 'd' & 'e' to follow in the coming week. Here, 'a' & 'b' took 3 days each and 'c' longer time. So, expect 'd' to take the same time as 'a' & 'b'. 'e' could be smallest & sharpest. So, 'B' could probably complete in the coming week.

CASE 2:

 'c' of 'B' is developing to be a terminal.

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In this case, it is possible that '3' is completed or still competing. And the following '4' & '5' waves would not go beyond the range marked in blue lines.

Let us see how market is going to behave in the coming week.

[All charts are taken from www.google.com/finance  symbol: NIFTY ]