There are three levels marked on the chart. Two of them marked in pink ( 4975 - 5035 ) should be the likely reversal zone, if Nifty is to follow one of our bearish counts. And if Nifty has completed the short term corrective pattern which started from the high of 5630, then we should take these levels out for a sustained upmove. The one in Red at 5136 should confirm that we are atleast going to have an extended pause to this downmove, and possibly a short term up move on cards. The first target for such an upmove would be 5630 and after that atleast upto 5895 - 5950 levels. We closed slightly above the 5 DEMA on 18 th May, and today we are trading above 5 DEMA. If this behaviour is sustained and we start to close above the 5 HEMA then we should look for 3 wave pullbacks to enter into this uptrend.
Tuesday, May 22, 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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