Monday, July 23, 2012

Nifty - Elliott Wave Analysis

Nifty broke the 5160 levels today, and quite convincingly too. Thanks to EWP, I had already marked the possible alternate scenario. Thus keeping us ready for any untoward market action, such as that of today. Now my alternate count suggests we may fall from these levels, and shall reach the 5000-4900 range. I have marked a possible triangle in wave {B}. So we are out of longs, and should look for a good short entry point if one needs to try his hand at such short term moves. The risk reward is not to my liking, but for the short term the trend may be down and may head towards the 5000-4900 range.

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