Sunday, August 10, 2014

Elliott Wave & Technical Analysis for Nifty


Though majority of the Technical signals are showing a maturing down trend, let us check a bullish probability for the short term -





So the close below 50dma and lower Trendline of the Ending Diagonal pattern (as in the last post) may prove to be a Bear Trap in the short term if the above probability holds good.

Holding the low of last session 7540, it may reverse in the short term and closing above 20dma will give the initial bullish signal. Close above 7700+ may propel it to new high above 7841.

On close below 7540, it may move down with the Larger Trend to whipsaw 7422 and then may be further down towards 7200.  

5 comments:

PANKAJ SHAH said...

Thanks

Tekkie Suresh said...

Fully agree with you Aar Vee ji.There is possibility of one more upmove.

AAR VEE said...

@Tekkie Suresh

Thanks for your input

Nice that you have started updating your enriching blog-

niftyastrotechnicals.blogspot.com

With Best Wishes

Regards

anonumous@V said...

thanks RV,..

PANKAJ SHAH said...

your expected level of 8100+ as target of this upmove started from 5933 is going to come soon.

congrats! very good work !

may be we are in last sub wave started from 7540.....

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