Tuesday, June 04, 2013

Nifty - Elliott Wave Update

  1. Nifty did correct from the resistance zone of 6140-6070, and fell down towards the previous support zone of 5970-5935.
  2. This support zone has held prices for last 2 days, also a 3 wave move is visible on the charts.
  3. Now if this support zone is respected, we might have seen the completion of wave {a} or even wave (b). in either case we may see prices rising from this support zone, and head towards the top of wave (a), at least.
  4. If prices break below this support zone convincingly, we may see further down move towards 5750 levels.

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