Tuesday, February 28, 2012

Nifty - Elliott Wave Analysis.

Hourly EWP
Nifty rallied smartly today, but we may still be in a bigger corrective pattern. There are 3 possibilities now,
1. We completed wave [w] yesterday, and now rising in 3 waves for wave [x], only to fall down again in wave [y] to complete a DZZ correction in wave II.
2. We may be forming an irregular correction and may have started to rise wave [b]  to reach the top of wave I, and then fall in a sharp wave [c] to complete wave II.
3. This possibility though I feel is less probable, but we may have completed a simple zigzag yesterday, and already started wave III up.

In simple English, we may get resisted in the 5450 - 5500 range and come down to 5200 - 5100 range. Or rise all the way to wave I top of 5630, and come down again to test the low of wave [a] at 5268.35 to complete wave [c] of II. And if we take out 5630 confidently we might be well on our way to wave III, and much higher prices in days to come.


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