Friday, August 03, 2012

Nifty, Banknifty - Elliott Wave Analysis

Banknifty 4 Hourly Chart
This is the Banknifty 4 hourly chart, The current consolidation is very difficult to count, it only satisfies to be counted as a corrective move. Whereas the Nifty 4 hourly chart below, we can spot a good structured 5 wave move. So Nifty suggests that there might be some more upside left, but Banknifty on the contrary suggests an immediate down move at least below the previous low. This possible new up move is safe till Nifty crosses below 5115, below that the whole pattern needs to be reevaluated. I am expecting Dollar to weaken against the INR in the short term, which would be supportive of a rally in equities. MACD may be in the process of forming a hook on both Banknifty and Nifty. I am still bullish on equities but as always following the market ensures longevity, and longevity eventually brings success.
Nifty 4 Hourly Chart

1 comment:

  1. I have actually marked the alternate possibility on both Banknifty and Nifty, also marked possible support zones on the chart.



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