Friday, May 17, 2013

Nifty - Elliott Wave Update

  1. Just a thought, about this rally in Nifty.
  2. Please remember, this is not a recommendation or trade idea.
  3. I was just trying to count the waves on this Nifty rally, and I could find 3 legitimate possibilities.
  4. One calls for a start of a medium term down move, one calls for a pause, and last one calls for continuation of this up move even further up. The possibilities are marked on the chart with appropriate labels (are open for discussion).
  5. This is an ideal time to tighten stops, a few counters are showing patterns with bearish implications, but one should not trade against the trend, let the markets tip their hand. 
  6. Till then either watch from the sidelines, or trail your long positions.

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