- This is a 120 min Nifty chart. A clear 5 wave impulse pattern can be observed on the chart.
- EWP tells us that a 5 wave move always occur in the direction of the main trend.
- This is the first of this up move, which suggests there should be another one. But before that we will have to endure a corrective move against the trend.
- Its not certain that Nifty will turn down right from this level, but there is a high probability of a pause here.
- I have marked sequential target levels for this possible downmove. Any level may hold, and this correction should take atleast 2 days to complete, else it will be considered as a part of existing up move, i.e. wave (a) as per our count.
- My suggestion is to bide your time for a while, let this pause complete, and position yourself in the meanwhile for the next leg to follow.
Friday, May 03, 2013
Nifty - Elliott Wave Update
Tags
# Elliott Wave
# Indices
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...
Updates
Categories:
Elliott Wave,
Indices,
Nifty,
Updates
Subscribe to:
Post Comments (Atom)
(3)has done over 600 points or 461% of (1)definitely an extended with with extention.
ReplyDelete(5) has done 238 or 178% of (1)
Is it possible for both (3) and (5) to be extended.......
juzz doubts as an amature surfer. appreciate a little input please
Yes its possible!
Delete