Monday, June 11, 2012

Nifty - Elliott Wave Analysis

A clear cut 5 wave move can be seen on the chart, and prices have crossed above wave [4]. Now prices should see a corrective move, and probable range for prices should test the 4950 - 4900 range. We have broken down the channel, we can see a negative divergence on RSI and STS, on waves 3 and 5. All this suggests that prices should rest for a while, and so should we. Wait for a "recognizable" Elliott Wave Pattern to complete, and then place yourself on the long side. However if prices trade below 4850 this upward count will be in question!

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