Nifty staged a sharp rally, which almost confirmed today. Now two overhead resistances can be seen to confirm a sustained up move. The two counts above are bearish and bullish respectively, but as it often happens using EWP both suggest an up move in coming days. It could either be a third wave or a wave [c], and both are going to be dynamic. But as always this is what we make of the markets, what exactly will happen depends totally on market itself. If prices sustain above 5020 we may look at any consolidation as an opportunity to buy. But don't rush the markets, if up move gets confirmed we will get many 3 wave pullbacks to enter into the trend.
Wednesday, June 06, 2012
Nifty - Elliott Wave Analysis
Tags
# Elliott Wave
# Indices
About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...
Nifty
Categories:
Elliott Wave,
Indices,
Nifty
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