Friday, April 13, 2012

Nifty - Elliott Wave Analysis

Is it possible that we might trace out a triple zigzag (TZZ) correction, in wave II. Given the fact that we traced out similar correction in wave {II} of one larger degree. This phenomenon has been observed consistently, where 2nd and 4th waves at different degree tend to form similar patterns. If it is so we may come down all the way to 5100 - 5075 range to complete the third leg of this triple zigzag. This sharp fall in last few minutes may be an indication which gives additional support to our TZZ argument. So we should be looking for some reversal patterns around 5100 - 5075 range to enter on the long side. 
Prices are still meandering in the range of 5350 - 5100 mentioned in earlier post.

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