Wednesday, April 10, 2013

Nifty - Elliott Wave Update

  1. I had pointed out the 5600-5500 band. Now the market is precariously poised in that range, desperately seeking for further clues.
  2. EWP as usual has put us on cross roads again. If we break this level confidently then we are in for a big fall.
  3. And if supported at these levels, once again a possibility of new high beckons.
  4. The trend is surely down, but that's what's special about EWP, just when the sentiment is extreme EWP suggests a possible reversal.
  5. Right now I am keeping my fingures crossed, as USDINR is just not ready to break the range, and Nifty at critical cross roads.
  6. If already short, one should hold on to them, and think about longs only on strong signs of reversals to the upside.

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