Nifty - Elliott Wave Update

by Dean Market Profile on Monday, September 03, 2012 in Elliott Wave, Indices, Nifty, Updates

Daily Chart

Four things happening in Nifty right now, which indicate a possible reversal. We cant be too sure about it though, but being prepared is advisable.

No1. Nifty approaching lower channel boundary, may take support.

No 2. RSI approaching 40 levels, if it turns from 40 its bullish.

No 3. STS is oversold, and may be turning. A crossover over signal line would indicate further strength.

No 4. MACD is approaching "0" level, may be forming a ZLR (zero line reversal).

All 4 conditions above indicate strength in near future. A break below the lower channel boundary may cancel the party for the bulls.

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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Monday, September 03, 2012

Nifty - Elliott Wave Update

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