The [a] - [b] - [c] flat correction in wave II is still in contention. If prices trade above 5172 this flat count will be negated. Prices have closed below the 5 HEMA on hourly fractal, which might suggest weakness on very short term. If prices continue to show weakness tomorrow morning, we may get the wave [c]. The dynamic wave III may start from 5015 - 4990 range, it was the resistance earlier, where we got the wave [4] top, now it has already provided support to prices two times, we might get the "third time lucky" charm, and start the wave III from these levels.
Wednesday, June 13, 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
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Elliott Wave,
Indices,
Nifty
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