Wednesday, April 11, 2012

Nifty - Elliott Wave Analysis

Nifty gapped below the support zone of 5225. But taking a look at the larger picture we can clearly spot a cluster zone, forming over a period of last 15 months or so. This cluster zone has repeatedly provided prices with support and resistance, and we are currently in this zone. Also we are forming a corrective pattern after completion of a sharp impulsive pattern. All in all we must be patient in this meandering phase, and unless you are very good at following prices on short time frames, you should sit this one out till prices clear the cluster zone in either direction. Looking at price patterns Nifty is setting itself up for a big move.

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