Wednesday, March 07, 2012

Nifty - Elliott Wave Analysis.

Hourly EWP
Nifty may be forming a TZZ correction, as labeled in the chart. Prices may have completed the TZZ correction or it may take some more downside before we complete this TZZ. One cannot be too sure about corrective formations but if our analysis if TZZ formation is correct, we must not be too far from a bottom. 5077.2 is a critical level for me, once this level is taken out, I may reconsider my analysis. On the upside though, if we cross 5381.7 we may well be on course the most dynamic wave III.

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