First session of the last week took out the Monthly low of 5169 till then, bringing in weakness and trapping series long which culminated in the series expiry towards the low and in the process whipsawed the 200dma /5095 on closing basis on expiry day . Lets now see the technical picture in different time frames -
It has been a choppy , low range , low volatility Market since the start of July series. The Monthly range so far has been a poor 180 points apprx. Since last few months ,after making a top at 5630, we are seeing the trading with no followups of any breakouts on either side , important levels and averages being whipsawed , range bound short term trading and now small daily ranges and low volatility. It has been a boring market to trade lately .
Further to the last post , EW Probabilities in Long Term and an Update for Short Term trading is given below . Read the observations given in the charts carefully .
We have completed half year trading of 2012 . Lets check out Nifty in different time frames along with probable Elliott wave counts , Indicators , Patterns ,Trendlines and associated data for what lies ahead .
