Wednesday, June 26, 2013

Nifty - Elliott Wave Update

  1. Tomorrow is expiry day, and what the markets will do is a million dollar question?
  2. Now trying to anticipate expiry day move is a difficult endeavor, and requires deep understanding of option data, and many other market factors.
  3. Here only EWP is used to anticipate the price action, this is in no way a recommendation to trade, but just an experiment.
  4. The chart above suggests that the price action from last pivot high is of corrective nature, and taking the shape of a DZZ.
  5. The last leg of the second ZZ, is showing clear 5 wave move, with market consolidating in wave 4, possibly a triangle.
  6. Once this triangle is resolved we will most likely get our wave 5 down. The funny part is if this triangle resolves in the upward direction, our view is invalidated.

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