Thursday, July 19, 2012

Banknifty - Elliott Wave Analysis

Banknifty has turned up from the very range of previous wave {4}of 10525. That's no miracle, but a result of an astute observation by a legend (R. N. Elliott), under his very own EWP. The 4th waves tend to bottom around the terminal points of previous 4th wave of one lower degree. Both RSI and STS have turned up on daily fractal. I feel we have just completed the wave (4)? and are now on our way to compete wave (5) of [3]. The up trend in this index is very much on, and we are likely to see much higher prices in coming days.

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