Thursday, July 05, 2012

Nifty - Elliott Wave Analysis

Nifty has been in the sideways trend for 3 days now. But it has not given away any ground, looks like prices are gathering steam before the next leg up. But we also have an important resistance around 5342 levels, and we need to take that out for this up move to continue as mentioned in our last post. WE can get a clearer view on the daily chart. We have already broken out of the falling channel, and have been in an up move since, but we must take out critical levels to gather further strength in this up move. As stated previously once through the 5342 level, we may see 5630, and after that we have targets around 5800 - 5900 range, give or take a few 100 points. But if Nifty follows the path envisioned by us, I would be vary once Nifty crosses the 5630 mark. But above 5342 I see another 300 points in the market.

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