Wednesday, May 30, 2012

Nifty - Elliott Wave Anaysis

Nifty is finding it difficult to cross over the 4975 - 5035 zone. Also prices is getting resisted at the falling channel. Now alternate count of an impulsive downmove suggests that we should now fall down in wave {5}?, prices may take different paths though. We have seen prices resisting at the 5 WEMA, and have fallen down towards the 5DEMA around 4950 levels. If we manage to close below this level on EOD basis, we may indeed start to fall again, and we can enter on the short side with stop and reverse above 5035 levels. But we cannot rush the prices, one should be patient to let the prices close below 4950, to initiate a short position.

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