Sunday, March 24, 2013

Elliot Wave & Technical Analysis for Nifty


The Short Term direction came on RBI policy and gave a good downside move below 20dma at 5840 apprx then. Now let us take a look at new signals developing as of now and the trading probability . 



1. Weekly Chart :

Though its speculative as of now but a probability that we may be trading in a Wedge Pattern since 4530 may be developing . 


I will be updating some Long Term Counts and Probabilities based on this in first half of April. 

2. Indicators :



Positive Divergence is visible in both Daily and Hourly time frame which is to be confirmed yet by the Price move.

3. Volumes :



High Volume activity is visible near the lows ,higher than that near recent Top , may be Buy side volumes. 

4. Elliott Wave count in Short Term :



Trend is Down as of now. Probability of Nifty bottoming out (at last session low ) or nearing the bottom (an upmove followed by retest of bottom / below it) is high. Close above 5750 or trading above 5792 will validate the reversal for a Positional Upmove in the Short Term. Hedged Longs planned on above probability may prove to be a good short term trading opportunity

4 comments:

rajapvt said...

Weekly chart showing some hopes to bulls, yet a price confirmation is required. Thanks for sharing a different view to me.

Anonymous@V said...

Trading can be so easy with RV's insights.....Dear RV can you give some insight on Ranbaxy...Regards

sreyO... said...

Dear RV Sir,

As usual good work...I've started buying as I see good opportunity of upmove. My SL is 5580 NS.

AAR VEE said...

Rajapvt,Sreyo,Anonymous@V - Thanks for ur comments .

Sorry not looking at any stocks for analyzing and trading .

Regards

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