Monday, April 09, 2012

Nifty - Elliott Wave Analysis

Nifty is sharply down today. An alternate labeling can be used. Our earlier count suggested that we have completed wave II at 5135.95. But if we break below the 5257 - 5225 band, the labeling shown on the chart above will come into play. We may then correct to 5080 - 5040 levels, before a meaningful upmove starts. The falling trend line (blue color) has offered resistance once again, so this TL need to be taken out to confirm an end to this corrective down-slide.

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