Nifty - Elliott Wave Analysis

by Dean Market Profile on Saturday, May 05, 2012 in Elliott Wave, Indices, Nifty

We went through 5135, like a hot knife through butter. That is not good news, next support zone comes around 5030 - 4985. If this wave II is an [a] - [b] - [c], then we are currently in wave (3) of [c]. and if we are forming a [w] - [x] - [y] in wave II, then this wave (c) of [y], should find support around 5030 - 4985 band. Even if we do take support at this zone, but the bounce is not sharp and in 5 waves, we can be sure that we are going to test the 4950 - 4920 zone. So early birds just have to sit through this, and keep part booking at important levels. Remember we are approaching the end of wave II, at least by our preferred count. We can just wait and watch.

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...

2 comments:

Anonymous6 May 2012 at 01:13
great work,

your articles are really great and useful, can you please throw us some light on INR USD elliott wave analysis.

thanks
vijaya
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Aniruddha Deshpande7 May 2012 at 10:15
Will do a post on USD INR today. Actually I also have not looked at it in a while.
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Saturday, May 05, 2012

Nifty - Elliott Wave Analysis

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