Monday, April 30, 2012

Nifty - Elliott Wave Analysis

Nifty triangle count will get confirmation once we break below the low marked by wave (a) on the chart, the level comes around 5160 levels. The stochastic is at overbought levels, and turned down. So if our count is right, then once this corrective move is over, we may see prices continuing down from these levels. Resistance may come at 5280 - 5300 levels. the corrective pattern forming is of the Flat variety, so once this wave {c} of (b) is done, we will see the down move continuing.

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