ELLIOT WAVE ANALYSIS OF 02.04.07

WHAT A WAVE THREE! Nifty today unfolded one of the longest waves in a sharp drop which lasted all day. The subdivisions within the wave are still unclear, and Nifty is likely to decline further tomorrow. This wave appears to still be wave three of three, (alternative counts with extensions to be looked at once 3500 is decisively broken) and may continue further, before any corrective pattern sets in. The logical Target for this wave lies below 3210 levels