Friday, July 19, 2013

Nifty - Elliott Wave Update

  1. A rising wedge can be spotted on the Nifty, with negative divergences and OB levels on the oscillators.
  2. All this indicate that the current up move is losing steam quite like the character of a rising wedge.
  3. Add to that the supply zone overhead and the upper wedge boundary, we may be very close to a short term top.
  4. I believe 5970 would be an ideal level, a closing below which will be a strong signal of an end to this up move.
  5. A close above 6230 however will change our medium term outlook, please refer my last post for a longer term outlook, here.

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