Monday, June 04, 2012

Nifty - Elliott Wave Analysis

Prices have actually turned down from the exact price band we discussed prior to prices even reaching that price zone. Though Elliott Wave Theory is a potent tool that gives such moments of pin point accuracy, we might as well have gotten lucky! That said, we can see that prices have actually dipped below the low made by wave {3} in this hourly chart, that is the minimum requirement for any wave {5}, but looking at the sub waves of this wave {5}, we cannot say convincingly that this wave {5} is done, a good positive divergence is developing on daily chart, but we might test the 4700 levels before we turn up for a meaningful rise. So as we got vigilant at the resistance zone a few days back, we should be on our toes as prices approach the 4700 zone. If we let prices tip their hand first, who knows we might get lucky again.

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