Tuesday, June 5, 2012

Elliott Wave Update for Nifty

A probable EW count for Nifty may be as follows -


The larger picture in Daily charts -

The probable short term count in houly TF -

Trade with caution as its a complex correction and may whipsaw some important levels , moving averages, SAR etc on both sides in the short term .


Kumar Technicals said...

Dear RV!

Very good analysis again, no move of Nifty may hide from your eyes. U r really most agile, keep it up sir:)

Thanx & regards,


AAR VEE said...

Dear Kumarji

Its just a probability that may happen and one should have it in his trading plan. Retrace up has equal chances with a move down now , so caution against any strong bias and trading light.

Thanks for ur comment.


AAR VEE said...

Comment from last post updating status -
AAR VEE said...
A positive diversion in RSI in daily charts wrt lows of 4788 and todays 4770. Close above 4880 tmrw may bring a rally to 200dma.

As per an EW probability also the move from 4778 can be an X wave (after completing A-B-C from 5630) where A-X =4778-5020 and now in B-X (irregular)either a-B-X complete today or B-X complete and now in C-X. A complex corrective retarce of 5630-4778 may unfold now upwards.

Trade cautiously with low position size as chances of whipsaws in this move are high.

June 5, 2012 12:28 AM