The Elliott wave analysis has been proving quite handy to trade the Nifty.Checking out the Short Term Probability based on EW insight.
Please refer to the basic EW count on Long term charts - CLICK HERE
The developing Short term count can be referred to - CLICK HERE (Primary count suggested the onset of wave 5) and CLICK HERE (Primary count suggested the start of wave C )
In the Short term , the Basic count that I have been following is shown in the chart below .
We may be in the 'C' wave Down after completing the 'A' down at 5177 level and the 'B' up at approx 5924 level.
This C wave may have completed the Ist wave at recent lows of 5328 and now trading in the 2nd wave.
This would imply that -
# The 2nd wave will be an upward correction and can target the Fibonacci retrace levels as shown in the chart below.
# It may take approx. 2-3 weeks of trading in this June series to resolve this 2nd wave.
# Broadly this wave may trade in a range of 5400-5800 .
# Price action has to be checked near imp. resistance of 50 and 200dma for completion of this wave.
# A big Wave 3 is expected down after completion of wave 2 ,the initial details of which will be discussed later.
Follow me on Twitter for Updates - JOIN ME