Tuesday, May 22, 2012

Nifty - Elliott Wave Analysis

There are three levels marked on the chart. Two of them marked in pink ( 4975 - 5035 ) should be the likely reversal zone, if Nifty is to follow one of our bearish counts. And if Nifty has completed the short term corrective pattern which started from the high of 5630, then we should take these levels out for a sustained upmove. The one in Red at 5136 should confirm that we are atleast going to have an extended pause to this downmove, and possibly a short term up move on cards. The first target for such an upmove would be 5630 and after that atleast upto 5895 - 5950 levels. We closed slightly above the 5 DEMA on 18 th May, and today we are trading above 5 DEMA. If this behaviour is sustained and we start to close above the 5 HEMA then we should look for 3 wave pullbacks to enter into this uptrend.

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