Nifty - Elliott Wave Analysis

by Dean Market Profile on Tuesday, July 17, 2012 in Elliott Wave, Indices, Long Term, Nifty

This is the long term chart for Nifty, I am not explaining the wave counts, as they are self explanatory. I would appreciate your feedback and opinions after seeing this chart.

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:

Raja Shankar18 July 2012 at 18:14
Hi Anirrudha, Thanks for your quick response. I concur with your wave counts. On a learning aspect, i have a question. How do you label wave 5 at 6339 as wave 5 has not closed above wave 3 at 6357 -- are you considering this as a truncation?
This is how i am counting the correction started from 6339. I am considering present wave as a ABC correction where the A wave had a ABC formation of 6339 - 5178(A) - 5944(B1) - 5196(B2) - 5740(B3) - 4531(C) which was in a clear downtrend with lower highs and lower lows. The B wave started from 4531 looks as a 5 wave pattern where the third wave ended at 5348.5 and this is a definite upmove due to higher highs and higher lows if we consider the fourth wave to have ended today at 5169. Please let me know your thoughts. Thanks again!
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Tuesday, July 17, 2012

Nifty - Elliott Wave Analysis

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