ELLIOT WAVE ANALYSIS FOR NIFTY 12.02.07

WAVE 'C' COMPLETE? Nifty as expected unfolded Wave 5 of C. This appears to be a short wave and it now appears that Nifty has started the next leg of the decline. A break below 3850 triggers a decline and any CLOSE below 3817 now will confirm the same. Protect longs if any with extremely strict stop loss levels, AND FOLLOW THEM