Nifty - Elliott Wave Analysis

by Dean Market Profile on Tuesday, May 08, 2012 in Elliott Wave, Indices, Nifty

Nifty has completed small 3 wave pullback after a small impulsive upmove. If this wave II is complete, then this small impulsive up move might be the start of a prolonged new up move. Now we have got a small pull back in 3 waves, to the 5 wave move. This is the ideal place to put on a trade. ADX has dropped below 30 on hourly chart. So we can take a small buy position here, and see how the prices go about. 5015 should be the stop loss.

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...

1 comment:

Aniruddha Deshpande8 May 2012 at 15:21
This short term trade did not work out. Stop Loss hit!
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Tuesday, May 08, 2012

Nifty - Elliott Wave Analysis

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