Nifty rising in acceleration channel, wave [3] not yet done !

by Dean Market Profile on Wednesday, February 01, 2012 in Elliott Wave, Indices, Nifty

Nifty Hourly Chart

Nifty may not have finished wave [3] as of yet, as suggested in my post earlier today, we may be in wave (5) instead of [5], so there is some upside left still in this move and it looks like we may be headed for 5400 for sure. Look for wave (5) targets around 5300 5350 levels. Prices are rising in the acceleration channel still, we must break it to form wave [4]. Also spot the ZLR formation on MACD on wave (4), and RSI snapping back from OS levels. Prices may target upper channel boundary for wave (5).

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...

3 comments:

SUNILTDESHMUKH1 February 2012 at 23:06
thats perfect now we will reach 5400
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shriram2 February 2012 at 01:12
Do u get live data in Amibroker ?

I am using the free version of chart nexus & it only allows EOD candles . Do u know any free software for hrly charting & analysis ??

rgds
Shriram
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Wednesday, February 01, 2012

Nifty rising in acceleration channel, wave [3] not yet done !

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