Tuesday, May 08, 2012

Nifty - Elliott Wave Analysis

Nifty has completed  small 3 wave pullback after a small impulsive upmove. If this wave II is complete, then this small impulsive up move might be the start of a prolonged new up move. Now we have got a small pull back in 3 waves, to the 5 wave move. This is the ideal place to put on a trade. ADX has dropped below 30 on hourly chart. So we can take a small buy position here, and see how the prices go about. 5015 should be the stop loss.

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