Life is rarely so simple with Nifty!

by Dean Market Profile on Tuesday, August 28, 2012 in Elliott Wave, Indices, Nifty

Daily Chart

Nifty is following the possibility of an ending diagonal in Nifty, pretty tightly. But life is rarely so simple with Nifty. For this corrective move we are currently in, the target or possible reversal area to the upside lies between 295-215.

Prechter once likened EWP to a road map. And that is precisely what we should use it as. There are may roads to a destination, but we can select only one path at a time. EWP helps us choose the most likely one, and at the same time, if we run into trouble on that path, also gives us the next best option. Now I couldn't ask more of my navigator, what about you?

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...

4 comments:

Harsh Dixit28 August 2012 at 11:53
Hi Aniruddha,

3 Wave decline looks complete at 5331.

Nifty may start moving up in C of 3rd leg up to 5610-5686..

Thanks & Regards,

Harsh Dixit.
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shriram28 August 2012 at 23:21
aniruddha,

time milale, ki FB var majha wave count paha..

looks bad, v v bad, for bulls ;-)
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Tuesday, August 28, 2012

Life is rarely so simple with Nifty!

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