Tuesday, August 27, 2013

Dollar Index - Elliott Wave Update

  1. A possible pattern formation on DI.
  2. The possibility suggests lower DI in coming weeks.
  3. For that we need a clear BD from the B-D TL shown on the chart.
  4. If we do get a break then the first target is in the vicinity of 78 odd levels, and below that we should find support around 76 odd levels.
  5. But the break of the B-D TL is essential.
  6. The only hitch is the current down leg has already taken more time than preceeding up leg, a sign of market with an upward bias.

Wednesday, August 14, 2013

Nifty - Elliott Wave Analysis

  1. This Nifty chart clearly shows that we have found support at the earlier support zone, now tested 4 times.
  2. We also have a resistance zone brewing around 6090 - 6135 range.
  3. If this rally is for good, we can test this resistance zone, in coming weeks.
  4. The start certainly looks convincing. 
  5. If we do rally to this resistance zone, it will interesting to see what Nifty does there, a breakout above the last high of 6229.45 (which "investors" are hoping for), we may see much higher levels, in the vicinity of 6500 - 7000 (but this is just a conjecture at this point, we need much confirmation before any of this becomes a possibility).
  6. Right now I would be betting on the levels of 6090 - 6135 being reached before we make a new low or break the support zone.
  7. But markets are known to do there own thing, and I know that a SL will protect my capital!