Wednesday, June 13, 2012

Nifty - Elliott Wave Analysis

The [a] - [b] - [c] flat correction in wave II is still in contention. If prices trade above 5172 this flat count will be negated. Prices have closed below the 5 HEMA on hourly fractal, which might suggest weakness on very short term. If prices continue to show weakness tomorrow morning, we may get the wave [c]. The dynamic wave III may start from 5015 - 4990 range, it was the resistance earlier, where we got the wave [4] top, now it has already provided support to prices two times, we might get the "third time lucky" charm, and start the wave III from these levels.

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