Nifty - Elliott Wave Update

by Dean Market Profile on Friday, July 19, 2013 in Elliott Wave, Indices, Nifty, Updates

A rising wedge can be spotted on the Nifty, with negative divergences and OB levels on the oscillators.
All this indicate that the current up move is losing steam quite like the character of a rising wedge.
Add to that the supply zone overhead and the upper wedge boundary, we may be very close to a short term top.
I believe 5970 would be an ideal level, a closing below which will be a strong signal of an end to this up move.
A close above 6230 however will change our medium term outlook, please refer my last post for a longer term outlook, here.

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...

7 comments:

Ravi Pillai19 July 2013 at 13:03
Thank You.
Ravi
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Anonymous20 July 2013 at 22:56
I'm not confortable with triangle pattern.
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san21 July 2013 at 10:59
thnxxx can you update bank nifty and financial tech view.
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Friday, July 19, 2013

Nifty - Elliott Wave Update

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