Monday, May 28, 2012

Nifty - Elliott Wave Analysis


Nifty has risen upto the resistance zone of 4975 - 5035. Everything will depend upon how prices behave at this level. If we break above it the bullish scenario comes into play, and we may see good price rise from current levels. But if we get resisted at this zone then, then we may see much lower prices. There is one more resistance to prices the lowe channel boundary, shown in pink lines, so we are at an important junction point, interesting time ahead.

3 comments:

  1. hi aniruddha .i am amar here . why are u trying to counting 1-2-3-4-5 in corrective wave? we have allready seen 5 wave incline from 4530 to 5630
    that was wave i .nifty then corrected in double zigzag pattern w-x-y of which x was running symmetrical traingle . now we are in iii rd strongest wave This is my wave count .do reply

    ReplyDelete
    Replies
    1. Dear Amar,
      I have gone through your chart, your wave markings are good. Coming back to my count, well the chart you saw was one of the possible counts, I tend to keep atleast 2 - 3 alternate counts, as it is more important to trade right than getting right wave counts. I use EWT guidelines to trade using different possible wave counts. My goal is to avoid surprises in the markets, and be prepared all the time.
      Also I have a suggestion for you, please share wave counts of atleast 3 successive degrees, to help readers understand your count better.
      Good Luck
      Aniruddha

      Delete
  2. my count can be seen @ http://niftychampion.blogspot.in/

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