Banknifty - Elliott Wave Analysis

by Dean Market Profile on Thursday, July 19, 2012 in Banknifty, Elliott Wave, Indices

Hourly

Banknifty has turned up from the very range of previous wave {4}of 10525. That's no miracle, but a result of an astute observation by a legend (R. N. Elliott), under his very own EWP. The 4th waves tend to bottom around the terminal points of previous 4th wave of one lower degree. Both RSI and STS have turned up on daily fractal. I feel we have just completed the wave (4)? and are now on our way to compete wave (5) of [3]. The up trend in this index is very much on, and we are likely to see much higher prices in coming days.

Daily

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...

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Thursday, July 19, 2012

Banknifty - Elliott Wave Analysis

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