Tuesday, June 12, 2012

Nifty - Elliott Wave Analysis


I have tried to put the market action in perspective, with a couple of possible wave counts. My preferred count suggests that we have completed the wave II at 5015, and now are on our way to the wave III. Any pullbacks here onwards should be bought into, and there is a good chance that they will show as intraday pullbacks on hourly chart, and wont reflect at all on weekly charts or daily charts. But my alternate count suggests that we might have wave [c] of II still pending, and may retest the 5015 - 4990 band once again before embarking on the dynamic third wave. If our alternate scenario plays out, we will get a good entry point in the range mentioned above. But yesterday's pullback satisfies all the necessary requirement of a second wave. If we gap up tomorrow, any intraday pullback should be bought into, to take the benefit of the dynamic wave III.

3 comments:

  1. Hi Aniruddha.

    Apart from C of Expanded Flat.

    I'm looking towards Expanding Triangular Correction ABCDE

    My Counting is Little Different

    I have two Alternates wave 2 or B

    You can Check Here

    http://trend-o-nomics.blogspot.in/


    Thanks & Regards,

    Harsh Dixit.

    ReplyDelete
    Replies
    1. I am looking for a consolidation as well followed by a rise. So it could be your a-b-c or a third wave. But indeed if prices come down it would be a good buying opportunity. Although my downside target is around 4990.

      Delete
  2. Sir Jii can you please comment on Larsen & Tubro [email protected]

    ReplyDelete

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