Friday, October 05, 2012

Crude, USDINR, Nifty - Elliott Wave Update

Crude Oil
Crude as cautioned earlier, seems to have broken down from the triangle. Of course the implications are quite bearish. This break down has turned crude into a sell on rise market.
USDINR
USDINR on the other hand is looking like it may be nearing a support. The weekly chart has little evidence to suggest for it. But on shorter time frames, we might have completed a corrective structure. It may be too early to say anything, but I wont be surprised if USDINR turns up from here.
Nifty
Nifty baring the freak trade of today, seems to have found resistance in the 5740 - 5870 range mentioned earlier. If our analysis is correct Nifty may have seen all it can on the upside for quite some time to come. The caveat of breakout above 5870 is still in place.

2 comments:

  1. Sir I saw ur latest post, n you are saying for short position 5870 is sl nd I fuly agree with you, but I want to make sure from you only that todays freak low of 4888 doesnt change any tech analysis of nifty or counts, actualy m little worry of this, this was very unexpected and panicing. Please guide...

    ReplyDelete
    Replies
    1. Here is my take on the freak trade - http://tradeelliottwave.blogspot.in/2012/10/nifty-freak-trade.html

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