Thursday, June 07, 2012

Nifty - Elliott Wave Analysis!

The rise from the 4770 levels is certainly not corrective so far, we have risen handsomely with minimum retracements and overlaps, this is the behavior of impulse waves. Now we need to close above 4950, which the 5 WEMA, it will signal positive bias on weekly chart, and will confirm the reversal on daily chart. We can look at 3 wave pullbacks for entering in this uptrend. Look at lower time frames like hourly chart for entering on a pullback. 
Best of Luck!

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