Thursday, May 03, 2012

Nifty - Elliott Wave Analysis

Nifty respected the resistance, and turned down. Stochastic indicator gave us an early warning about the impending reversal. Now what remains is the difficult part, "the sitting" part, which will make you rich. We are counting a [w] - [x] - [y] correction in wave II. but as we know that corrective waves are obvious only after they are over. So this [w] - [x] - [y] can easily become [a] - [b] - [c], but the correction should end once this last leg is over. and what gives us confidence to say that this downmove s the last leg, "the triangle" in wave [b] / [x]. Triangles precede the last leg of any move of "one higher degree". So once this down move is done, we should brace ourselves for a dynamic up move. But only time will tell what actually will happen!

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