Nifty headed back to 4810 - 4850 range!

by Dean Market Profile on Friday, January 06, 2012 in Elliott Wave, Indices, Nifty

Nifty rose sharply from the support levels of 4690. Our wave 4 took form of an irregular flat. MACD also formed a clean zero level reversal. Now by using reverse fibonacci technique we can forecast the possible range for wave 5 from 4810 - 4850. Its still within our earlier resistance zone of 4800 - 4860. MACD is also setting up for a good negative divergence on wave 3 and 5. Next couple of days are going to be really interesting.

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...

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Friday, January 06, 2012

Nifty headed back to 4810 - 4850 range!

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