Monday, September 03, 2012

Nifty - Elliott Wave Update

Daily Chart
Four things happening in Nifty right now, which indicate a possible reversal. We cant be too sure about it though, but being prepared is advisable.

No1. Nifty approaching lower channel boundary, may take support.
No 2. RSI approaching 40 levels, if it turns from 40 its bullish.
No 3. STS is oversold, and may be turning. A crossover over signal line would indicate further strength.
No 4. MACD is approaching "0" level, may be forming a ZLR (zero line reversal).

All 4 conditions above indicate strength in near future. A break below the lower channel boundary may cancel the party for the bulls.

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