Monday, June 17, 2013

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Nifty - Technical Update

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  1. Nifty has tested a strong support at 5750.
  2. Went below it for one day, even closed below it, but bounced back smartly the very next day, as if rejecting that level completely. 
  3. In this process, we have got a typical chart pattern by the name of an "Island Reversal".
  4. Now prices should sustain above this gap, to confirm the pattern, and should see a nice up move from these levels.
  5. We have just broken above a falling TL, and barring the the gap down day (the island), we can safely say that the price action is contained well within a set of parallel lines, indicating that the price action is corrective in nature.
  6. So all this suggests that we are in for another up leg, but this would be possible only if we take out a crucial resistance band of 5970-5870, above which this upmove if it materializes should not find much resistance.

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7 comments:

  1. Praveen Vishnu Shamain17 June 2013 at 18:39

    Hi Aniruddha,

    I guess, the wave numbering is wrong.

    You have marked (c) of (b) as a-b-c type. But, as per the rules, (c) of (b) should be an impulsive type (1-2-3-4-5), unless it is a w-x-y type.

    Am i right?

    With Regards,
    Praveen Shamain

    ReplyDelete
  2. Praveen Vishnu Shamain17 June 2013 at 18:40

    Hi Aniruddha,

    I guess, the wave numbering is wrong.

    You have marked (c) of (b) as a-b-c type. But, as per the rules, (c) of (b) should be an impulsive type (1-2-3-4-5), unless it is a w-x-y type.

    Am i right?

    With Regards,
    Praveen Shamain

    ReplyDelete
    Replies
    1. Aniruddha Deshpande17 June 2013 at 19:56

      Yes, the wave structure is not very clear, but I am counting it as a w-x-y for sure.

      Delete
    2. Aniruddha Deshpande18 June 2013 at 14:46

      Please refer this post,

      http://tradeelliottwave.blogspot.in/2013/06/nifty-elliott-wave-update_18.html

      Delete
  3. Harsh Dixit18 June 2013 at 13:58

    Hi Aniruddha,

    Wave 'b' has retraced more than 61.8 of 'a'. Isn't it unusual for 'b' of Z of E Wave????????

    Earlier I was also counting it as 'b' of Z or E.. However, looking at the magnitude of the Fall I have rejected that possibility. And Marked 6229 as Z or E complete..

    You can chk my count here

    http://trend-o-nomics.blogspot.in/2013/06/nifty-long-term-count_17.html


    Do let me know your feedback..


    Thanks & Regards,

    Harsh Dixit.

    ReplyDelete
  4. Harsh Dixit18 June 2013 at 14:07

    Hi Aniruddha,

    Wave 'b' has retraced more than 61.8% of 'a' of Z or E Wave..
    Isn't it unusual for 'b' of Z or E wave?
    Earlier I was counting it as 'b' wave however, looking at the magnitude of the Fall I have rejected that count and marked 6229 as Z or E complete..

    You can check my count here-

    http://trend-o-nomics.blogspot.in/2013/06/nifty-long-term-count_17.html


    Do let me know your feedback..



    Thanks & Regards,

    Harsh DIxit

    ReplyDelete
    Replies
    1. Aniruddha Deshpande18 June 2013 at 14:44

      Refer this post for my clarification,

      http://tradeelliottwave.blogspot.in/2013/06/nifty-elliott-wave-update_18.html

      Regards

      Delete

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