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 .
3 comments:
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,
Kumar
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.
Regards
Comment from last post updating status -
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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
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