M&M - Elliott Wave Analysis

by Dean Market Profile on Thursday, September 06, 2012 in MnM, Stocks

Daily Chart

M&M might put in a major top at 877.30 in Oct last year. Since the top M&M fell sharply in 5 waves, and then began the laborious process of correcting that fall. The pattern that is forming is the expanded flat, and we may be in the last wave of that pattern. The daily chart above shows the count in detail. I believe we have one more wave to the upside left before we start falling again. This last wave coincides with the last expected wave in Nifty. The probable targets for this wave [5] of C of {B} comes in the range of 810-25. If we reach there we will look at this counter again.

4 Hourly 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...

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Thursday, September 06, 2012

M&M - Elliott Wave Analysis

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