- Here is a slightly modified count for Nifty.
- A double three, a flat followed by a ZZ, altered the end of wave (a).
- This count keeps the possibility of another up leg alive.
- But if we close the gap made during the island reversal and the preferably the low of the island, then this possibility loses its credibility.
- Till such time, due respect should be given to what markets are telling us.
- Clearly the long side had a great reward to risk ratio, but that is always true in a down trend, this is the only reason people fall prey to bottom fishing.
- But a clear chart pattern (island reversal), a plausible wave count, a BO above the TL, and +ve divergence in the indicators, all support the possibility of at least a near term bottom forming.
- We have clear validation and invalidation points for this view, till any one side is confirmed.
Hi Aniruddha, just wanted to check, where is the lower support on this wedge? Do you expect a pull back from current levels. Can you pls let us know what EW suggests at current juncture. Thanks
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PLz refer this link for my latest view on Nifty, http://tradeelliottwave.blogspot.in/2013/06/nifty-elliott-wave-update_24.html
DeleteThx Aniruddha... Just wanted to check if the support of the rising wedge gets broken are we likely to see a steep fall I short term??
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